Bitcoin
Crypto News Today: Ethereum (ETH) Targets $4,000 on Spot ETF Approval Hopes
An approval could be pivotal for the broader cryptocurrency market. The SEC continues to label ETH as a security. The approval of ETH spot ETFs could mean the SEC has done a U-turn, possibly paving the way for other cryptocurrencies to fall under the commodities banner.
Bitcoin (Bitcoin) also advanced on Monday, rising 5.97% to end the session at $70,203. BTC last held the $70,000 position on April 11.
US BTC Spot ETF Market Extends Net Inflow Streak to Six Sessions
On Monday (May 20), the US BTC spot ETF market targeted a sixth consecutive day of total net inflows.
According to Farside investors,
- Grayscale Bitcoin Trust (GBTC) recorded net inflows of $9.3 million. Significantly, GBTC extended its net inflow streak to four sessions.
- The ARK 21Shares Bitcoin ETF (ARKB) saw net inflows of $68.3 million.
- The Fidelity Wise Origin Bitcoin Fund (FBTC) recorded net inflows of $64.0 million.
- The Bitwise Bitcoin ETF (BITB) reported net inflows of $24.0 million.
- Excluding flow data from the iShares Bitcoin Trust (IBIT), (BRRR), and (BTCW), the US BTC spot ETF market recorded total net inflows of $165.6 million.
Technical analysis
Bitcoin Analysis
Bitcoin remained comfortably above the 50 and 200 day limits EMAaffirming upward price trends.
A BTC break of the $70,500 mark would support a move towards the all-time high of $73,808.
BTC spot ETF market flow data, news related to the ETH spot ETF market, and SEC activities need to be considered.
On the other hand, a BTC break below the $69,000 support level would bring the 50-day EMA and $64,000 support level into play.
With a 14-day RSI reading of 62.32, BTC could reach an all-time high of $73,808 before entering overbought territory.