- Bitcoin price is under a cloud of uncertainty as history could repeat itself for Bitcoin.
- Ethereum price at the mercy of the Bitcoin Futures ETF catalyst.
- XRP price continues to face fundamental uncertainty with the SEC and technical weakness.
Bitcoin price has historically sold off during the opening of any new derivative futures contract. Will this behavior continue? Ethereum price struggles to cross above the critical $4,000 level and may be held back pending any Bitcoin weakness. XRP price remains in a technical bear flag but is approaching a key time cycle that could trigger explosive price action.
Bitcoin price has its first Futures ETF approved by the U.S. SEC
Bitcoin price has risen significantly since the beginning of October – but can it continue? The Tuesday trade session is the first day of the first Bitcoin futures ETF (NYSE ticker: BITO) to be approved by the SEC. The ETF approval is a strong signal that Bitcoin is just one step closer to becoming a more legitimized asset class and one step closer to an actual spot-priced ETF approval in the future.
BTC/USD Daily Ichimoku Chart
History, as they say, repeats itself. Every prominent derivative listing for Bitcoin, starting with the CBOT futures contract, the CME futures contract, and the Bakkt futures contract, resulted in solid selling pressure for Bitcoin price. Traders and investors are looking out for this kind of behavior to continue. Any sign of weakness or close near $60,000 could trigger some swift selling pressure for Bitcoin.