Crypto Industry Outlook:
The US Securities and Exchange Commission has rejected the VanEck app for the Bitcoin Spot ETF. This happens after the agency has delayed its decision.
VanEck has been one of the most active companies when it comes to reporting to the SEC to launch the Bitcoin ETF.
Over the past few years, the company has filed multiple applications, some have been rejected by the agency, others have had to be withdrawn itself. However, things changed in the US in October this year when the SEC allowed the launch of two futures ETFs, one of which was VanEck's Strategy ETF.
As such, many felt the Commission would be more open to a cash fund that tracks the performance of the underlying cryptocurrency. So far, however, this has not happened. The latest application to the SEC was rejected after the CBOE BZX Exchange was banned from listing its shares. The Commission finds that BZX has not complied with its obligations under the Stock Exchanges Act.
Furthermore, the SEC added that BZX and VanEck were unable to resolve previous obstacles which were "designed to prevent fraudulent and manipulative activities and practices" and "to protect investors and the public interest".
Commission chairman Gary Gensler recently assured that an ETF based on futures contracts will be safer for investors, which is why only such funds have been approved in the United States.
Technical Market Outlook
The BTC/USD pair had terminated the impulsive wave development to the upside and sharply decreased towards the level of $60k. The next big target for BTC is seen at $70,000, but the first target for the wave 5 is located at $70,508. Nevertheless, the wave 5 might had been terminated at the level of $68,987 already and now the market is developing the corrective cycle. The momentum is weak and negative, which supports the short-term bearish outlook for BTC. The nearest technical support is seen at the level of $60,022 and $59,403.
Weekly Pivot Points:
WR3 - $74,186
WR2 - $71,563
WR1 - $67,476
Weekly Pivot - $68,414
WS1 - $60,726
WS2 - $58,026
WS3 - $54,090
Trading Outlook:
According to the long-term charts the bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. This scenario is valid as long as the level of $52,943 is clearly broken on the daily time frame chart (daily candle close below $52,000).
