Bitcoin Rallying Ahead of SEC Deadline

BTC Higher on MondayBitcoin prices are on the rise today as optimism over expected SEC approval of ETF applications continues to build. The SEC currently has until January 10th to decide on the current batch of applications. Names such as BlackRock, Fidelity and Grayscale Investments have submitted applications with news this week that Fidelity has filed an 8-A form with the SEC to have its spot Bitcoin ETF listed on the Cboe BZX Exchange. This has led to some confusion as to whether the SEC had approved the application though, for now, no such announcement has been made.8-A SubmissionsThe submission by Fidelity, which has been mirrored by other applicants. The 8-A form seeks to have the respective funds ETF listed as tradable securities on the Cboe BZX exchange. While the listing o the form doesn’t necessarily mean that the SEC has approved the applications, it certainly suggests that approval is more likely/expected.SEC Deadline Jan 10thLooking ahead this week, Bitcoin and the broader crypto space looks poised for fresh gains if SEC approval is granted. We’ve seen a significant rally in recent months linked to optimism over such an outcome though on the back of the order book clear-out we saw late December, there is plenty of room for a further push higher on good news this week.On the other hand, given the built-up level of bullish expectations in the market, if the SEC shocks the market this week by rejecting applications or simply frustrates the market by further delaying its decision, this will likely see BTC coming under heavy near-term selling pressure. As such, plenty of two-way risk to be navigated this week.Technical ViewsBTCThe market is once again pushing up against the 45520-level resistance. With momentum studies pushing higher, the focus is on a breakout above the level with 48350 the next upside objective for bulls. To the downside, 43015 remains the key support to watch with 40345 and the bull channel lows the deeper support area to note.