The crypto industry remains poised in anticipation of the approval of the first spot Bitcoin exchange-traded fund (ETF) in the United States.
Today, January 10th, is the final deadline for the US Securities and Exchange Commission (SEC) to approve Bitcoin ETF applications, and the whole market is on edge waiting for the decision.
On January 9th, the SEC’s website was compromised, posting fake news that spot Bitcoin ETFs had been approved. SEC chair Gary Gensler confirmed that an “unauthorized tweet was posted,” clarifying that the agency has not yet approved any filings.
The SEC’s X account was hacked and did not have two-factor authentication enabled, allowing the perpetrators to easily post the fake tweets about ETF approval. Given the simplicity of the hack and the perfect timing right before the ETF decision deadline, some speculate that the SEC itself could be behind the stunt to observe market reactions. However, the SEC firmly denies any involvement and points to an embarrassing lapse in security protocol that left accounts vulnerable.
Price volatility following these fake tweets caused nearly $90 million worth of bitcoin (BTC) long and short positions to be liquidated, showcasing the market manipulation risks associated with the crypto industry.
This temporary confusion caused Bitcoin’s price to spike nearly 5% to $47,900 before retreating once the fake news was debunked.
Bitcoin Price Analysis – Will BTC Hit $50,000 Today?
With the actual decision still pending, Bitcoin currently trades around $45,560, after briefly hitting $47,900 yesterday on the erroneous reports. A bullish breakout above the key $45,000 resistance suggests buyers have absorbed selling pressure around this level and are positioned to push the price higher. The next major upside target is the psychological $50,000 mark if spot ETF products get the green light from the SEC.
On the technical side, Bitcoin’s daily Relative Strength Index (RSI) reads 74. An RSI above 70 generally indicates overbought conditions in which a corrective pullback is likely. However, in strong uptrends prices can remain overbought for extended periods while rallying higher.
In terms of support and resistance, Bitcoin has found reliable support around $41,000, aligning with the 0.236 Fibonacci retracement level of the recent advance. If ETF excitement fades, this area may come into play as a downside target. On the upside, initial resistance is expected around $48,500 (1.618 Fib extension) with the next major barrier not until $52,735 (2.618 Fib extension). This aligns with Bitcoin’s 2021 all-time high.
Additionally, Bitcoin’s MACD (moving average convergence divergence) shows bullish momentum, with the MACD line crossing above the signal line. This suggests upside momentum is accelerating.
Bitcoin Minetrix Hits Huge Presale Milestone
Bitcoin Minetrix (BTCMTX) continues gaining traction after crossing $8 million raised in its ongoing presale.
Bitcoin Minetrix emerges as a tokenized cloud mining platform known for its remarkable efficiency and emphasis on user-friendliness. Traditional Bitcoin mining presents challenges for casual users, but BTCMTX levels the playing field. It allows anyone to participate in mining the world’s largest cryptocurrency and earn staking rewards on the BTCMTX token. This approach enhances mining accessibility while addressing common issues like reliability and fraud.
The project has built a reputation rooted in security and transparency. Through Ethereum-compatible wallets like MetaMask, users can easily acquire and stake BTCMTX tokens within the ecosystem. The straightforward onboarding process involves buying tokens, opting for “buy-and-stake,” and collecting rewards in Bitcoin.
The Bitcoin Minetrix roadmap demonstrates a thoughtful approach for long-term advancement. Goals after the presale include exchange listings, marketing campaigns, and building desktop/mobile apps while expanding the team. Ongoing talks with cloud mining companies also showcase promising growth potential as the team focuses on launching the core staking and mining functionality.
While still in an ongoing, red-hot presale, Bitcoin Minetrix has amassed an impressive $8 million so far.
Conclusion
With Bitcoin hovering near a critical technical level, traders anxiously await the SEC’s ruling on spot ETF products.
Meanwhile, the surging popularity of Bitcoin Minetrix highlights demand for user-friendly and productive crypto mining opportunities.
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