While Bitcoin and crypto markets remain bearish there is a glimmer of hope following recent developments in the industry. On November 21, the US Department of Justice (DoJ) announced that it had dropped all criminal charges against Binance after the crypto exchange agreed to pay $4 billion in penalties for violating federal securities laws.
The news has effectively cleared the path for the approval of Bitcoin spot exchange-traded funds (ETFs) in the United States, said Travis Kling in an X post. The CEO of crypto asset management firm Ikigai made a rather controversial statement where he said that approval for a BTC spot ETFs was not possible with Binance remaining “in its current position of market dominance”. He also declared that BlackRock was “more or less” the US government themselves and has so far received approval on 575 out of 576 ETF applications.
The world’s largest asset manager, with assets worth over $9 trillion under management, has filed applications with the US Securities and Exchange Commission (SEC) to list and trade shares of Bitcoin (BTC) and Ether (ETH) spot ETFs.
BTC Price Tests Key Support
The price of Bitcoin (BTC) has been showing some weakness over the past couple of days. The news regarding Binance has seen the leading cryptocurrency record a 3% drop in value. With the Relative Strength Index (RSI) showing a weakening momentum and price now testing the critical support at $36,788, analysts are forecasting a steep drop in Bitcoin’s value.
Experts anticipate BTC to crash to $30,000 if increased selling pressure below the $36,788 level causes the supply zone to stretch from $36,276 to $37,301. The histogram bars of the Awesome Oscillator (AO) of Bitcoin already point to a bear market takeover as they remain in the red zone and edge closer to the midline.
However, experts also anticipate Bitcoin prices to go north if increased buying pressure comes from investors looking to capitalize on the retest of the $36,788 critical support. On the way up, BTC must first clear the local top at $37,972 before testing the range high at $37,980 and finally claiming the top spot at the $40,000 psychological level, placing the asset 10% above its current price.
At the time of writing, BTC is trading at $36,466 – down 1.9% in the last 24 hours.
Ethereum Struggling To Maintain Support Base
A major risk case scenario for Ether (ETH) is that its price is starting to lose the critical support at $1,935, marking the midline of the supply zone turned bullish breaker that extends between $1,864 and $2,004.
If Ethereum fails to hold its current support level, then the token is likely to crash land to the $1,800 psychological level, or fall below $1,753, invalidating the market’s bullish sentiment for ETH. Both the RSI and AO of Ether are edging downward as the crypto is starting to lose momentum.
On a positive note, increased buying pressure will be enough to vindicate Ethereum’s price from the supply barrier above $2,009, setting it back above the ascending trendline. This could clear ETH to aim for $2,136, which would be a 10% gain over its current price.
At the time of writing, ETH is trading at $2,015 – up 0.5% in the last 24 hours.
Ripple Could Restore Bullish Momentum With a Bold Move
XRP could invalidate its bullish market outlook if it manages to break and close below $0.598 on the daily timeframe. Increased selling pressure below the current level could crash Ripple into the consolidation phase between $0.473 and $0.539.
Technical indicators suggest that the downtrend of Ripple may not be over just yet.
On the contrary, a bullish resurgence could restore hope to XRP holders by setting its price back above the lower trendline of the triangle at $0.6603. In a bullish scenario, the token could go much further to test the Fair Value Gap (FVG) at $0.7512, restoring a much-needed balance to the Ripple market.
At the time of writing XRP is trading at $0.594 – down 2.9% in the last 24 hours.