Today, January 11, 2024, the approval of the Spot Bitcoin Exchange Traded Fund (ETF) in the United States by the Securities and Exchange Commission (SEC) will be remembered in the realm of cryptocurrency. Previously, several issues, such as the rejection of Bitcoin ETFs without any valid reason and the anti-crypto stance of Gary Gensler, the chairman of the SEC, had raised concerns. However, Gensler played a remarkable role in the approval of the Bitcoin ETF.
Gensler’s remarkable contribution to Bitcoin ETF approval
Recently, James Seyffart, the ETF expert at Bloomberg, posted on X (formerly Twitter) that the approval of the spot Bitcoin ETF was based on votes from five members, including Chairman Gensler, Peirce, Uyeda, Crenshaw, and Lizárraga. During the voting, Peirce and Uyeda favored ETF approval, while Crenshaw and Lizárraga voted against it. The crucial decision rested on Gensler, who made a heroic move by voting to approve the spot Bitcoin ETF.
Gensler’s vote in favor of the spot Bitcoin ETF transformed him from a villain to a hero after several years. With the ETF approval, Bitcoin is currently trading near $46,600, experiencing a modest surge of over 2% in the last 24 hours. This increase is relatively low compared to the fake approval of the Bitcoin ETF on January 10, 2024.
Examining Bitcoin’s movement over a longer period, in the last 30 days, it has experienced an upside momentum of over 11%. Furthermore, Bitcoin’s market cap is nearly $1 trillion, making it the largest cryptocurrency with a limited supply.
Bitcoin’s technical analysis and future hurdles
According to data from CoinMarketCap, after the approval of the Bitcoin ETF, the current market cap of the cryptocurrency landscape has surged by over 4% in less than 24 hours, standing near $1.8 trillion.
According to expert technical analysis, Bitcoin is currently encountering a strong resistance zone near the $48,000 level. This marks the third consecutive day that Bitcoin has attempted to breach this level. If Bitcoin successfully breaks out of this strong resistance zone, we may see a $52,000 level. However, there is another hurdle that Bitcoin might face in the future. Overall, Bitcoin is bullish, and this approval has contributed to an overall bullish sentiment with positive technical price action.
