# BTC price centers on $43K as nervous Bitcoin traders await ETF news

Bitcoin feels stuck in limbo amid a lack of cues over whether or not a U.S. ETF will get the go-ahead, but BTC price holds higher versus earlier in the week.


Bitcoin
BTC

$43,633
attempted a recovery toward recent highs on Jan. 4 as fresh exchange-traded fund (ETF) news stayed absent.
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Analyst hints at slow progress on ETF approval

Data from Cointelegraph Markets Pro and TradingView showed BTC price acting in an area above $43,000.

Commentators had expected volatility on the day as rumors swirled over a potential approval of the first spot Bitcoin ETF in the United States. At the time of writing, however, no announcements had been made.

In his latest posts on X (formerly Twitter), Bloomberg Intelligence analyst James Seyffart stressed that this week should, at best, only see a preliminary nod from regulators, with a formal approval following by Jan. 10.

“Today we’re looking for 19b-4 amendment filings that’ll include changes that SEC and issuers have been discussing for weeks. Namely cash create/redeem. (honestly I expected these by now),” part of his comments stated.

“Still expecting potential approval orders next week.”

Markets likewise refused to price in an imminent decision, with Bitcoin staying broadly rangebound after recovering from a liquidity cascade earlier in the week.

As Cointelegraph reported, versions of how the price could react to the decision vary considerably, with both upside and downside forecasts on the table.

“For now, the topside remains capped by resistance at the 46 - 48.5k region with support at the 40.5 - 42k region,” trading firm QCP Capital wrote in its latest market update sent to Telegram channel subscribers on Jan. 5.

“In spite of the leveraged washout, BTC has climbed back up to 44,000 level. While we remain wary of a ‘sell the news’ knee-jerk reaction to the downside, this resilient price action gives us more confidence in the medium-term bullish view into BTC halving towards Mar/Apr this year.”
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Fed “pivot” debate continues in background

Continuing, QCP touched on the main macro narrative pertaining to crypto market performance beyond the ETFs.
This is in the form of interest rate policy by the United States Federal Reserve, and while there is little consensus for a beneficial “pivot” coming this month, March could be a different story.

“Crypto prices continue to decouple from TradFi markets due to the bullish ETF narrative. Rates markets are pricing in 6 cuts for 2024 despite the Fed’s dot plot projections of 3 cuts in 2024,” the update continued.

“Such aggressive pricing in the rates market can be unwound very quickly and turn into a macro risk-off if new data points point to a resurgence in strength in the job market or higher inflation, definitely a key macro risk to watch out for.”

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On ETF approval btc will fully send

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Literally everybody expects ETF approval, what if, just what if ETF is rejected? That’s clearly the max pain scenario right now and we all know what market likes to do

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BTC will pumb soon, $100K

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Approve it and let the up trend start

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I hope ETF gets approved

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thanks good post

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We will see $70k soon

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Hmmm if it gets rejected hmmm

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Sec final decision on the various BTC ETF pending application will determine the next market move generally!

get $BTC to 50k :rocket:

Yes, it is at an unstable level. The 8th of this month is important and the decision is expected. If a decision is not made by January 8, it will be postponed to the 2nd quarter. let’s watch and see

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Market will go south if ETF got rejected

Speculation speculation

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