Bitcoin price is showing an uptick in volatility as traders position for the SEC’s Jan. 10 decision on spot BTC ETFs.
Bitcoin’s (BTC) price action and frequent fluctuation at the $47,000 level reflects traders’ indecision on Jan. 9. While the market has benefitted from the expectation of a spot BTC ETF approval, there are traders who anticipate the event to be a buy the rumor, sell the news-style event.
Let’s look into the reasons why Bitcoin price is volatile today.
Despite a bevy of macro headwinds, Bitcoin price continues to push higher, with volatility and open interest increasing. On Jan. 8, all spot Bitcoin ETF applicants officially filed the final step in the process. Now the Securities and Exchange Commission (SEC) is free to potentially approve the spot Bitcoin ETFs.