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The leading cryptocurrency is above $43,000, and altcoins are facing significant sell-offs. What will happen over the weekend? Rumors will likely continue, but they are not expected to affect the price as much as at the beginning of the week. Indeed, today’s announcement of $2 billion in accumulated demand did not significantly impact the price.
Bitcoin (BTC) ETF Latest Status
As of the time of writing, it was approaching 4:00 PM in the US, and the SEC has not yet given the expected official approval. Since the process is unfolding in public view and the final filings have not yet been made, approval is not expected in the coming hours. Most likely, everyone’s focus will be on Monday, January 8, so we can expect the mild atmosphere to continue over the weekend.
Experts expected volatility today, but aside from negative macroeconomic data, nothing significant happened. It is necessary to make a small note here because the employment sector is strong, and this will be the focus of Powell’s presentation at the meeting at the end of this month.
Bloomberg ETF Expert James said;
“We still expect potential approval orders next week.”
Cryptocurrency Commentary
Over the weekend, the support range between $40,500 and $42,000 highlighted by QCP analysts is expected to hold firm. Additionally, the potential approval expected between Monday and Wednesday could also support buyers. Massive leveraged positions have been liquidated, and no significant eager entries have been seen yet.
After the cleanup in the derivatives markets, there is now room for Bitcoin to experience new rises fueled by futures. Combining BTC’s effort to anchor at $44,000 under current conditions, it wouldn’t be an exaggeration to say that an upward spike could reach around $50,000.
The strong employment narrative on the macro front is expected to fuel a correction while ETF excitement continues. However, it’s too early to discuss this. If we assume that only from BlackRock, $2 billion will come on the first day of the launch, we can dream of BTC making quick rallies next week.
Optimism for the coming week could cause BTC’s price to fluctuate around the $45,000 region over the weekend.
