Bitcoin's value surged beyond $37,000, rebounding from a recent dip close to $34,000 earlier this week.This upward momentum is fueled by revived optimism surrounding the potential approval of a Bitcoin spot ETF within the United States.Despite the SEC postponing decisions on various crypto ETF applications, this setback hasn't discouraged Bitcoin investors, evident in the ongoing rally.Both Bitcoin's funding rate and open interest have seen an uptick, signaling continued bullish sentiment among investors regarding the cryptocurrency's potential.For the optimistic projection of Bitcoin reaching $40,000, the crucial threshold to avoid would be any price drop below $35,375, potentially halting this aspirational target.

Bitcoin Shows Resilience Amidst SEC Decision Anticipation
Bitcoin faced a challenge, yet it remained defiant, especially with investors anticipating the SEC's verdict on a new Bitcoin spot ETF. Those betting against Bitcoin found themselves ousted from the market, as the cryptocurrency surged back above the $37,000 mark.
Echoes of Last Week's Movement
According to TradingView data, Bitcoin initially slid to approximately $34,000 after encountering resistance at $38,000. Notably, the $38,000 level has remained steadfast since Bitcoin's downturn in May 2022. Presently, Bitcoin hovers around $37,118, maintaining position above a critical support zone that analysts consider a pivotal turning point.
Signs of Continuing Momentum
Material Indicators’ tweet hinted at Bitcoin's potential for further growth: “Trend Precognition indicates that this rally may not be over yet.” The account emphasized that while $40,000 is within focus, Bitcoin’s trajectory this week holds no certainties. However, Material Indicators warned that dipping below $35,375 could nullify the current positive signals.
Bitcoin ETFs in Regulatory Limbo
Speculation suggests that Bitcoin's recent price surge might be linked to reports of the SEC postponing decisions regarding several crypto ETF applications, including those from VanEck, Valkyrie, and WisdomTree. The delay in approving the first Bitcoin spot ETF in the U.S. continues due to concerns about market manipulation, fraudulent activities, and safeguarding ETF users.
Market Indicators Favor Bitcoin
Bitcoin’s price isn't the only indicator signaling positivity. Coinglass data reveals a bullish trend in Bitcoin’s funding rate despite price fluctuations. Additionally, Bitcoin's open interest has soared to $16.7 billion, an unprecedented high since June 2022. Moreover, the percentage of calls (buys) on Bitcoin options open interest remains notably optimistic.
Conclusion: The $40,000 Threshold
In summary, experts suggest that only a plunge below $35,375 could derail the anticipated climb towards the $40,000 milestone for Bitcoin.
Disclaimer: Voice of Crypto endeavors to present accurate and current information. However, it bears no responsibility for omissions or inaccuracies. Cryptocurrencies are inherently volatile; hence, independent research is advised for making financial decisions.

#bitcoin #BTC #BTCETF #ETF #BitcoinETF
$BTC

The recent application made by a Hong Kong-based company for a Bitcoin spot Exchange Traded Fund (ETF) to the Hong Kong Securities and Futures Commission (SFC) has garnered significant attention.
Harvest Fund Hong Kong, a leading Chinese fund company, has ventured into the crypto space by submitting a Bitcoin ETF application, marking a notable milestone in the region's financial landscape. This move reflects a growing interest in crypto-related activities within Hong Kong.
The decision by the US Securities and Exchange Commission (SEC) to approve the transformation of Grayscale Bitcoin Trust's GBTC into a Bitcoin spot ETF, alongside granting permission to major Western financial players like BlackRock and Fidelity, has paved the way for similar initiatives in Hong Kong.
The Hong Kong Securities and Futures Commission (SFC) is set to approve the application on February 10, with plans to list the Bitcoin ETF on the Hong Kong Stock Exchange shortly after the Chinese New Year celebrations. This development is expected to attract crypto investors in the region, allowing them to commence trading by February 10, 2024.
While Harvest Fund stands as the sole applicant for a Bitcoin ETF in Hong Kong, speculations abound regarding the potential involvement of other financial giants in the pursuit of ETF approval. These speculations stem from the significant investor bases and expansive customer networks held by these institutions.
The interest in spot ETFs is further highlighted by the success of BlackRock's IBIT, ranking among the top ETFs issued in the US, emphasizing the growing investor preference for such instruments.
According to Livio Weng, Chief Operating Officer (COO) of HashKey Group, numerous asset management firms in the region are gearing up to pursue spot Bitcoin and crypto Exchange-Traded Funds (ETFs), signaling a broader trend in Hong Kong's financial sector.
Hong Kong's emerging interest in the crypto space is expected to encourage more financial companies to seek approval for Bitcoin spot Exchange Traded Funds (ETFs), thereby diversifying the region's investment landscape.
Disclaimer: While Voice of Crypto strives for accuracy, it does not accept responsibility for any omissions or inaccuracies. Given the high volatility of cryptocurrencies, investors are urged to conduct thorough research and exercise caution when making financial decisions.
#HongKong #BitcoinETF #BTCETF #Crypto2024 #cryptocurrency
$BTC

Most of the time, it has been a sound advice to buy the rumor and sell the news, that is, buying an asset ahead of the news of one event which is bullish in nature, and selling the same asset immediately after the release of the news, when the market is still reacting bullishly with high volatility.But today, I’m going to stick my neck out and utter the Four Eternally Cursed Words of Finance. “It’s different this time.” We’re on the cusp of a highly anticipated catalyst that many will wrongly interpret as a “sell the news” event. Sooner than you think, this #BTC #etf will instead seem an obvious “buy the news” opportunity. Down the road, it will prove to be one of the greatest wealth-creation events ever seen. And frankly, instead of focusing on this event, you should be buying the “rumor” of this #BTCETF which is expected to drop in few days time and when the news is out, "buy more" because BTC may not see this low again.If this information is helpful, please follow me, like it and share to friends. Thank you.#OP #ARB