BTC Price Analysis: Expectations for a Pro-Crypto SEC Chair Widens Investor Access to BTC and the Broader Market

The expectations for a pro-crypto SEC Chair have led to ETF issuers filing for crypto basket ETFs, widening investor access to BTC and the broader market.

Crypto basket ETFs are continuing to be filed for by ETF issuers, in line with expectations for a pro-crypto SEC Chair that would open the door for approval.

On Friday, Bloomberg Intelligence Senior ETF Analyst Eric Balchunas provided his take on the crypto basket ETF filings, saying:

“Bitwise following Grayscale looking to list a crypto basket ETF. This one has 10 cryptos. Makes sense to try IMO bc with The Genzinator gone and a Trump SEC Chair in anything’s poss now altho far from a slam dunk. Need more intel bf giving odds.”

Technical Analysis

Bitcoin Analysis

BTC is still trading well above the 50-day and 200-day EMAs, which provides a bullish technical signal.

Breaking above November 13’s high of $93,163 could open the door for the bulls to target $95,000. Moreover, a breakout from $95,000 could put $100,000 in play.

Investors should keep an eye on the US BTC-spot ETF market flows and news about SEC leadership changes and regulatory policies.

On the downside, a drop below $90,000 could lead to a fall through $87,500. A break below $87,500 may put $85,000 in play.

With a 14-day RSI reading of 76.10, BTC is in overbought territory. Selling pressure could increase at $93,163.

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