Today's The Day for Bitcoin

SEC Decision DueTraders are bracing for plenty of volatility across crypto markets today with the SEC due to decide on the current batch of spot-Bitcoin ETF applications. Yesterday, the market was seen spiking to fresh highs for the year in response to a fake tweet put out claiming the SEC had approved spot-Bitcoin ETFS. However, the SEC then claimed their twitter account had been hacked and the tweet was fake, leading the market to reverse sharply lower as around $90 million worth of longs were liquidated.SEC OptimismDespite the confusion yesterday, the market is still widely expectant that the SEC will today at least approve some of the applications if not all. With this in mind, traders are already looking at the finer details such as the competition between funds regarding fees for the different ETFs as well as whether the ETFs will trade at a premium or a discount to their net-asset value.Pivot Point for CryptoIn all, today stands to be a major turning point for the market even if just one application is approved. With a fresh wave of institutional and retail demand expected to be ushered into the market, Bitcoin prices (as well as the wider crypto market) are expected to trade higher near-term with some analysts calling for a plus $100k price point by year end. In terms of today’s expected outcome, the most bullish scenario would be that more than 75% of applications are approved.Technical ViewsBitcoinThe breakout above the 45520 level has seen the market finding firm selling interest into 48350 for now. With plenty of bearish divergence on the recent push higher, traders should be wary of downside risks with 43015 and 40345 the next downside levels to note. To the topside, bulls focus is on a fresh break of 48350.