Bitcoin Price Nears $60K Amid Potential Rate Cuts and South Korea’s Crypto ETF Approval Hopes

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Arslan Butt

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Last updated: 

October 10, 2024

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Bitcoin is trading at $60,580, down less than 0.05% for the day, as it faces resistance near the $60,700 level. Despite recent attempts to break higher, Bitcoin has struggled to gain momentum above $61,000.

The market is closely watching potential regulatory shifts in South Korea and the U.S. that could impact Bitcoin prices in the near future.

South Korea’s Regulator Considers Approval of Crypto ETFs

South Korea’s Financial Services Commission (FSC) is evaluating the approval of spot cryptocurrency ETFs and corporate crypto accounts, signaling potential tighter regulations.

The newly formed Virtual Assets Committee, led by the FSC’s vice chairman, includes representatives from both the public and private sectors.

Despite similar approvals in the U.S. and Hong Kong, South Korea has yet to greenlight Bitcoin and Ethereum spot ETFs.

This move reflects growing calls for reform amid the country’s expanding crypto market. Additionally, the FSC is pushing for amendments to the Specific Financial Information Act to strengthen market oversight.

• Potential approval of crypto ETFs could boost Bitcoin’s demand and credibility globally.
• Clear regulations may attract institutional investments and support Bitcoin’s price growth.

SEC Commissioner Criticizes Agency’s Crypto Strategy Amid Ongoing Legal Disputes

SEC Commissioner Mark Uyeda criticized the agency’s approach to regulating cryptocurrencies, calling it a “disaster” in a recent interview.

Uyeda pointed out that the SEC’s reliance on enforcement actions instead of clear regulatory guidelines leaves crypto companies navigating legal uncertainties.

His comments followed Crypto.com’s lawsuit against the SEC, which alleges the agency acted as an unlicensed broker-dealer.

Uyeda also highlighted inconsistent court rulings that add to the confusion within the industry. His remarks reflect growing dissatisfaction with the SEC’s handling of crypto regulation.

• Regulatory uncertainty continues to weigh on market sentiment.
• Calls for clearer guidelines could attract more investment and stabilize Bitcoin prices in the long term.

Potential Rate Cuts and CPI Data Could Boost Bitcoin Prices

U.S. CPI rose 2.4% in September, slightly above expectations, continuing its downward trend. According to digital asset firm 21Shares, the inflation data increases the likelihood of interest rate cuts, which could positively impact Bitcoin and other cryptocurrencies.

With an 80% chance of a 25 basis point rate reduction at the upcoming Federal Reserve meeting, lower borrowing costs may drive investments in riskier assets like Bitcoin.

While BTC recently faced some declines, 21Shares believes a rate cut could create favorable conditions for a rebound.

• Lower rates typically promote investment in high-risk assets.
• Bitcoin could see price gains as borrowing costs decrease, encouraging greater crypto adoption.

Bitcoin Struggles Below $61,000 as Resistance Holds Firm

Bitcoin is trading at $60,580, down 0.02% for the day, as it struggles to gain momentum above the $60,700 level. A descending trendline has formed strong resistance, preventing the price from breaking higher.

Currently, Bitcoin’s immediate support is at $60,150, followed by deeper levels at $59,540 and $58,880. On the upside, the immediate resistance is $61,240, with further barriers at $61,420 and $61,850.

The Relative Strength Index (RSI) stands at 43, reflecting weak momentum and indicating further downside potential if Bitcoin fails to breach the descending trendline. The 50-day Exponential Moving Average (EMA) at $61,420 also acts as a ceiling for price recovery.

A successful breakout above $60,700 could expose BTC to $61,240 or even $61,850. However, a failure to clear this resistance could drive a fresh round of selling pressure.

Key Insights:

• Resistance at $60,700: The descending trendline restricts upside movement, capping gains.
• Bearish Momentum Below $60,700: A failure to break above could prompt a retest of $59,540 support.
• RSI Near 43: Weak momentum hints at continued selling pressure unless BTC clears $60,700 resistance.

In conclusion, Bitcoin’s technical outlook remains bearish below $60,700. A breakout above this level could shift the trend toward $61,240, while a rejection may see prices testing support around $59,540.

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