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Speculations on another bullish run for Bitcoin are making the rounds in the cryptocurrency sphere as the U.S. Securities and Exchange Commission (SEC) is set to make a decision regarding a possible Bitcoin exchange-traded fund (ETF). The SEC’s decision is scheduled to drop on Thursday and crypto investors are on the edge of their seats regarding what the agency’s judgment will be.
The Bitcoin ETF was filed by ProShares, which manages assets in the ballpark of $30 billion. The firm’s proposal is the tracking of Bitcoin futures contracts that are traded in the Chicago Board Options Exchange, CNBC reported.
If approved, the firm will have the first ever Bitcoin ETF in the market, which is expected to significantly increase the cryptocurrency’s price as new investors will surely throw their hats into the ring. However, the possibility of the SEC approving ProShares filing is slim given how the agency handled past ETF proposals. Even the firm itself refuses to comment on the status of their application.
Meanwhile, the charts are indicating that Bitcoin is set to increase its value as the Relative Strength Index (RSI) is favoring a bullish trend at the moment. The RSI is currently below 40, signifying an oversold state, which is usually be followed by an upward trend in value.
The Bollinger Bands are also suggesting similar bullish runs as the candles are seeing red at the moment, with their level at the bottom portion of the bands. Bitcoin would usually climb higher when the price level is at the bottom of the Bollinger Bands, while the value is set to decline if that level is at the peak of the statistical charts.
Bitcoin is currently trading at $6,461, down from its recent highs of more than $8,000. But crypto enthusiasts are holding their breath as this figure is projected to spike if the agency approves ProShares' Bitcoin ETF.
