Bitcoin Surpasses $37,000 as US ETF Approval Expected By Investing.com

Investing.com – O extended its upward movement this Thursday, 9th, in the morning, reaching its highest level since the beginning of May 2022. The main cryptocurrency by market capitalization reached a peak of US$36,792 so far.

The expectation surrounding spot bitcoin ETFs remains the main reason for the appreciation in recent months.

Bloomberg ETF analysts Eric Balchunas and James Seyffart published a note yesterday warning that this Thursday opens an eight-day window, during which twelve spot bitcoin ETF proposals can be approved.

The reason for this brief window is that when the SEC (U.S. Securities and Exchange Commission) postponed the deadline for a number of pending bitcoin ETF applications, it chose November 8 as the last day of the comment period.

Then, from November 17th, the consultation period for three processes including Global X Bitcoin Trust, Hashdex Bitcoin ETF and Franklin Bitcoin ETF will resume, meaning they can only be approved or rejected after November 23rd , at the earliest.

Furthermore, analysts have estimated that there is a 90% probability that the SEC will approve spot Bitcoin ETFs by January 10th.

Another factor that has raised hopes for Bitcoin ETFs includes reports that SEC chief Gary Gensler has begun discussions with Grayscale Investments regarding the details of the company’s application to convert its GBTC fiat product into a spot Bitcoin ETF. traded on the exchange.

Ultimately, these recent events confirm that the imminent launch of spot bitcoin ETFs is very likely. It is worth remembering that experts estimate that this will allow a massive entry of capital into the cryptoactive market, facilitating the investment of individuals and institutions in bitcoin for several reasons.

Technical points to note in bitcoin

From a technical point of view, it is noteworthy that the US$37,000 level is an immediate resistance for the crypto. After that, few barriers can be identified before the important psychological level of $40,000.

On the way down, the psychological support at $36,000 will be the first potential, followed by a more relevant area at $35,000. Below US$35,000, Bitcoin could be considered to have entered a corrective phase.