To begin with, some members of the US Securities and Exchange Commission (SEC) commented on the approval of various Bitcoin spot products on January 10th. One commissioner, Caroline A. Crenshaw, took issue with the ETF’s approval, citing concerns about fraud and market manipulation as well as broader concerns about Bitcoin. In particular, she disputed the nature of the recent approvals, saying: “I am concerned that there will be confusion about what exactly these products are (they are not ETFs [exchange-traded funds] registered under the Investment Company Act of 1940. ubiquitous products used by millions saving for retirement today)—and that investors may infer protections that don’t actually exist.” Crenshaw explained in a footnote that the new products are instead exchange-traded products (ETPs) under the Securities Act of 1933. Other SEC members referred to SEC-approved products in similar ways. Commissioners Esther Pierce and Mark Uyeda, both of whom concurred with the approvals, also referred to the products as ETP in their statements. SEC Chairman Gary Gensler, who notably voted in favor of the latest allegations—despite his critical stance—also called out the ETP allegations in his own statement. Unlike Crenshaw, none of the other SEC members specified the difference between the two types of investment vehicles.
Elsewhere in the SEC order that granted approval to the relevant products, several offerings have “ETFs” in their titles, including from Bitwise, Hashdex, Ark Invest, Invesco Galaxy and Franklin Templeton. However, the order generally describes the products as spot Bitcoin ETP throughout its text. These two conditions, by the way, are not always exclusive. The Financial Industry Regulatory Authority (Finra), a company that acts as an independent regulator for US securities companies, states that ETFs are considered a special type of ETP. and notes that “there is no single definition of an exchange-traded product.” That is, in fact, it remains to be seen whether the investor safety implications extend to the asset managers behind each product. In particular, it is unclear whether these firms should clearly differentiate in their public communications .
Bitcoin price remained stable above the $45,500 resistance zone. Finally, when the SEC did approve all 11 spot ETFs, and following this news, BTC rose above the resistance level of $46,600. On the hourly chart, BTC/USD has broken above a large contracting triangle with resistance near $46,550. However, bears were still active near the $47,350 and $47,800 levels. The high was formed around $47,699 and the price is now showing several bearish signs. There was also a slight decline below the $47,000 level. Bitcoin fell below the 23.6% Fibonacci retracement level after recently rising from a swing low of $44,333 to a swing high of $47,699. The price is currently trading above $45,600 and the 100-hour simple moving average. On the downside, the immediate resistance is near the $47,000 level. The first major resistance is $47,350. A clear move above the $47,350 resistance could steer the price towards the $47,800 resistance.
The next resistance is now forming around the $48,000 level. A close above $48,000 could see the price rise further. The next major resistance is at $49,250. If Bitcoin fails to rise above the $47,350 resistance zone, it could begin another decline. The immediate support on the downside is near the $46,550 level. The next major support is $46,000, or the 50% Fibonacci retracement level of the recent rally from the $44,333 swing low to $47,699 high. If there is a move below $46,000, the price could gain bearish momentum. In the said case, the price may fall towards the support of $45,150 in the near term.
Technical Indicators: Hourly MACD – The MACD is now losing momentum in the bullish zone. Hourly RSI (Relative Strength Index) – for BTC/USD is currently above the 50 level. Major support levels are at $46,500, followed by $46,000. Major resistance levels are $47,000, $47,350 and $47,800.
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