The leading cryptocurrency, Bitcoin, remains above $43,000, while altcoins experience significant sell-offs. Weekend market activity is not expected to be as impactful as earlier in the week, despite ongoing rumors. A $2 billion demand surge today did not significantly affect the price.
In the United States, as of the time of writing, it was approaching 4 PM, and the SEC had not yet given the anticipated official approval for the Bitcoin ETF. The final filings have not been made, and no further updates are expected in the next hours, with attention likely shifting to Monday, January 8th.
Experts predicted volatility today, but no significant events occurred aside from negative macroeconomic data. Employment data remains strong, which will likely be a key topic in the upcoming meeting with Powell at the end of the month.
Weekend support for Bitcoin is expected to hold between $40,500 and $42,000, according to QCP analysts. The potential approval between Monday and Wednesday could bolster buyers. Massive leveraged positions have been liquidated, and no significant new entries have been observed yet.
With the clearance in derivative markets, Bitcoin is expected to rise, fueled by futures, and it wouldn’t be an exaggeration to predict a spike to around $50,000. The strong employment narrative in the macro scene is anticipated to provide momentum during the ETF excitement, although it’s too early to discuss in detail. Optimism for the coming week could lead to Bitcoin’s price fluctuating around the $45,000 mark over the weekend.