Bitcoin Hits Highest 2023 Value, Nearing $40,000 Mark ๐๐ฐ
Bitcoin Hits Highest 2023 Value, Nearing $40,000 Mark ๐๐ฐ
BTC made a new record in 2023, hitting $39,753 on Saturday. This surge was driven by positive expectations for a BTC-spot ETF market. Keeping an eye on regulations, the US Committee on Financial Services has scheduled a hearing for December 8.
Key Insights:
BTC achieved a new 2023 high of $39,753 on Saturday, fueled by optimism toward a BTC-spot ETF market.
Regulatory activity remains a focal point, with the US Committee on Financial Services calling a December 8 hearing.
A crypto regulatory framework driving innovation while protecting investors would be a boon for the crypto market.
Bitcoin Approaches $40,000, Marking a Positive Trend ๐๐
On Saturday, bitcoin (BTC) saw a 2.01% increase, following a 2.60% rise on Friday, closing the day at $39,499. Notably, BTC maintained its position above $39,000 for the first time since May 4, 2022.
The market is optimistic about the SEC approving several BTC-spot ETFs in January, sustaining the demand from buyers.
BTC Liquidations Stay Elevated ๐๐
BTC liquidations remained high on Sunday, especially impacting short positions. Coinglass reported total BTC liquidations at $36.41 million, with $32.32 million from short positions. OKX, Binance, and Huobi experienced the highest percentages of BTC liquidations.
Investor expectations of the SEC approving a batch of BTC-spot ETF applications continue to drive buyer demand.
Digital Assets Hearing Announcement ๐ฃ๐ป
Patrick McHenry, Chair of the US House Committee on Financial Services, announced a digital assets hearing on December 8, 2023. The subcommittee hearing, titled "Connecting Communities: Building Innovation Ecosystems Across America," will address comments related to crypto regulations and the SEC's enforcement approach.
Senators Push for Regulatory Framework ๐๏ธ๐ค
Senators Cynthia Lummis and Kirsten Gillibrand introduced the Lummis-Gillibrand Responsible Financial Innovation Act in June 2022. Responding to the SEC's actions, Senator Lummis emphasized the need for a clear regulatory framework, stating, "The SEC cannot continue ruling by enforcement." A regulatory framework promoting financial innovation while restricting the SEC's powers would benefit the crypto market.
Technical Analysis: Bitcoin and Ethereum ๐๐
Bitcoin Analysis
BTC remains above the 50-day and 200-day EMAs, indicating a bullish trend. Breaking above the $39,600 resistance level could pave the way for a run at the psychological $40,000 resistance. Monitoring BTC-spot ETF news and SEC activities is crucial for crypto investors.
Ethereum Analysis
ETH maintains a bullish trend, sitting above the 50-day and 200-day EMAs. A return to $2,200 could lead to a move to the $2,300 resistance level. However, falling below the $2,143 support level may bring sub-$2,100 into play. The 14-period Daily RSI suggests an ETH return to $2,200 before entering overbought territory.