Bitcoin price is back to where it started late last week amid intense profit booking. However, a trend reversal could be around the corner with the leading US stock exchange, Nasdaq, seeking approval from the Securities and Exchange (SEC) to operate BTC index options.
Bitcoin Price Market Movers: Nasdaq Seeking Nod for BTC Index Options and BTC ETF Inflows
- Bitcoin price traded at $62,175 on Tuesdays following a 2.1% decline in 24 hours. Profit-taking has continued to eat into BTC accrued gains, with CoinGecko showing a modest 2.8% increase in seven days.
- Nasdaq has filed with the SEC for a license to offer and trade Bitcoin index options. If granted, the approval could be a game changer for the largest cryptocurrency, seeing that the regulator has yet to green-light options connected to any exchange-traded funds (ETFs) currently being traded in the US. Bitcoin index options will provide a quick yet inexpensive product for investors to seek exposure to the underlying digital asset. Traders and institutional investors can hedge against their exposure to BTC price, thereby normalizing Bitcoin as a global asset class.
- Nasdaq’s proposed Bitcoin index options are expected to track the real-time performance of CME CF Bitcoin Real-Time Index, which CF Benchmarks created to monitor and track BTC futures and options contracts offered by the exchange and operated by CME Group.
- Institutional investors are back after weeks of declining liquidity in the US Bitcoin ETF market. According to SoSoValue, all 12 ETFs posted $202.51 million in net inflows on Monday, continuing last week’s $506 million inflow streak. BlackRock’s IBIT led with $24 million, followed by Franklin Templeton’s $5.52 million and WisdomTree’s BTCW’s $5.05 million. Bitcoin ETFs have consistently recorded inflows since August 15, suggesting increasing investor interest and general market sentiment.
BTC Price Prediction: Bitcoin Seeks Higher Support
Bitcoin price delicately holds at the edge of a cliff, considering the sharp correction from $65,000 to last week’s peak of below $62,000. Several potential support areas have failed to protect BTC price from trimming the gains with the 50-day Exponential Moving Average (EMA) caving in the early US trading session.
The drastic drop in the relative strength index (RSI) to 38 indicates a spike in sell-side pressure. Bulls have a chance to stop the correction above the ascending trend line in the four-hour range, but it is too early to rule out an extended decline below $60,000.
The 200-day EMA at $61,421 could provide relief, allowing bulls to fight for space in the market based on the previous BTC price prediction. On the bright side, dips could prove profitable as traders DCA to maximize gains in the long run. Potential near-term targets include the 20-day EMA at $63,045, resistance at $64,000, and last week’s high at $65,000.
The post Bitcoin Price Prediction As Nasdaq Files with SEC for BTC Index Options appeared first on CoinGape.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed