Bitcoin Commentary – Thursday, Nov. 9

Image Source: 
 Bitcoin is trading at fresh year-to-date highs today as excitement builds around potential SEC approval of BTC ETF applications. Today marks the start of the first 8-day approval window at the SEC for approving ETF applications ahead of the current January deadline. There are currently 12 applications pending with the SEC. Speculation around SEC approval has been a major driver of Bitcoin’s upside in recent months, fuelling the breakout above the 32185 level last month.
 Institutional DemandOn the back of the recent Grayscale court victory, the market has taken the view that Bitcoin ETF approval is more a case of ‘when’ rather than ‘if’. As such, bullish sentiment looks likely to continue through year-end with any SEC approvals likely to drive a big wave of demand throughout the crypto sector, not just in BTC. With names like BlackRock and Fidelity awaiting having submitted applications, approval would mark a major move into the mainstream for BTC and is expected to tap into a heavy stream of institutional demand. With the next Bitcoin halving event due to follow soon after in April 2024, BTC bulls are hoping for a strong upside run in the coming months to set up the next Bitcoin bull market.
 Technical ViewsBitcoin(Click on image to enlarge)The BTC rally continues, with gains of over 120% YTD. Price recently broke above the 32185 level and is now testing resistance at 37030. This is a key level for the market and a break higher here will open the way for a test of 3986 next. To the downside, while bulls defend 32185, focus remains on further upside near-term. More By This Author:U.K. Market Commentary – Wednesday, Nov. 8U.S. Market CommentaryCopper Market Commentary