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Bitcoin price eyes $50,000 as Spot BTC ETFs enters final stretch of race for approval



●Bitcoin Spot ETF issuers are competing to offer lowest fees on the securities product, while awaiting the SEC’s approval. 


●Grayscale stands out with the highest fee, at 1.5% while BlackRock, Ark Invest, VanEck, Bitwise offer competitive rates. 


●BTC price eyes rally to a psychologically important level of $50,000 as anticipation surrounding the January 10 deadline builds. 



Bitcoin Spot ETF filers are engaged in a fee war, offering competitive rates in order to attract capital. The lowest fee is currently offered by Bitwise Invest, at 0.24%. GrayScale is set to charge the highest fee at 1.5%.


While market participants anticipate the Securities and Exchange Commission’s (SEC) approval on Spot Bitcoin ETF by the January 10 deadline, founder of the Chamber of Digital Commerce believes that the regulator is likely to delay the decision on the securities product.


SEC decision on Spot Bitcoin ETF anticipated on Tuesday or Wednesday


Bloomberg ETF analyst James Seyyfart notes that the SEC shared its comments on amended S-1 filings by issuers. 


The amended filings revealed a competitive fee pricing war among issuers with Bitwise Invest offering the lowest (0.24%) and Grayscale Investments at the highest fee (1.5%). 


While the SEC expects more amendments on Tuesday, Seyffart does not necessarily consider it a sign of delay from the US financial regulator. 


Perianne, the founder and CEO of the Chamber of Digital Commerce considers it a sign of delay in Bitcoin Spot ETF decision by the SEC, according to her recent tweet on X. 


Eleanor Terret, Journalist at Fox Business says that she spoke to issuers who received additional comments from the regulator on their S-1 filings and the SEC has not conveyed a change of plans. 


Terret shared a list of issuers that are ready to launch their Spot Bitcoin ETF post the likely approval this week: Grayscale, Ark/21Shares, Blackrock, BitWise, VanEck, WisdomTree, Invesco, Fidelity, Valkyrie and Franklin. 


Gary Gensler, SEC Commissioner recently informed investors of the risks involved in investments in crypto assets in a tweet thread on X (formerly Twitter).


Technical Analysis: Bitcoin price could rally to $50,000


On Monday, Bitcoin price hit a peak of $47,200 on Binance, amidst rising anticipation of SEC’s decision on the Spot Bitcoin ETFs. Market participants believe an approval is imminent and while most experts believe that an approval is priced in, BTC price climbed nearly 6% in the past week as the deadline of January 10 draws close. 


Bitcoin price has sustained above $42,000 in January 2024 and the asset is rallying towards the psychologically important level of $50,000. The last time the BTC price was above this level is December 2021.


Bitcoin is likely to face resistance at $48,600, the 61.8% Fibonacci Retracement level of the decline from November ‘21 to ‘22. Once BTC price tackles this resistance it could rally to the upper boundary of the Fair Value Gap at $50,583, seen in the chart below. 


BTCUSDT

BTC/USDT 1-day chart, Source: TradingView.