Bitcoin (BTC) News Today: BTC Holds Despite Spot ETF Trends and Fed Uncertainty

It could be a pivotal coming week for the BTC-spot ETF market and BTC. The Fed interest rate decision/press conference, the US ISM Services PMI, and the US Jobs Report could impact buyer demand for BTC-spot ETFs.

Weaker demand could further offset the effects of the Bitcoin Halving that has continued to deliver price support at current levels.

ETH, Consensys vs. SEC, and the ETF-Spot ETF Market

ETH bucked the broader market trend on Saturday (April 27), rallying 3.96% to end the session at $3,255.

News of Consenys filing a lawsuit against the SEC fueled buyer demand for ETH. Consensys cited two reasons for filing the lawsuit,

• The SEC should not be allowed to arbitrarily expand its jurisdiction to include regulating the future of the internet by wrongly labeling ETH a security.

• The SEC’s reckless approach is bringing chaos to developers, market participants, institutions, and nations, who are building or already managing critical systems running on Ethereum.

A victory against the SEC could pave the way for an ETH-spot ETF market.

Technical Analysis

Bitcoin Analysis

BTC hovered below the 50-day EMA while remaining above the 200-day EMA. The EMAs affirmed the bearish near-term but bullish longer-term price signals.

A BTC break above the 50-day EMA could give the bulls a run at the $69,000 resistance level. A return to the $69,000 handle would support a move toward the all-time high of $73,808.

On Sunday, investor sentiment toward the Fed rate path and likely impact on buyer demand for US BTC-spot ETFs need consideration.

Conversely, a BTC break below the $64,000 resistance level would give the bears a run at the $60,365 support level.

With a 14-Daily RSI reading of 45.39, BTC may drop below the $60,365 support level before entering oversold territory.