Bitcoin price tests $31,000 as US regulator mysteriously delays spot BTC ETF approval

• Bitcoin price remains above the $30,000 psychological level with a pronounced uptrend over the last five days.

• Meanwhile, SEC commissioner Hester Pierce is bemused with why the SEC has still not approved a spot BTC ETF.

• Community members have interesting views and perspectives on why the commission is moving at its own pace.

The price of Bitcoin (BTC) has shown a positive outlook following a significant surge that commenced in mid-October. This upward momentum was ignited by misleading reports of a potential approval for a spot BTC exchange-traded fund (ETF), which further gained traction due to the subsequent speech by Federal Reserve Chair Jerome Powell.

Hester Pierce on SEC delays about spot Bitcoin ETF

Meanwhile, investors continue to look to the Securities & Exchange Commission (SEC) for a decision on when a spot BTC ETF will finally launch in the market.

One interesting opinion is making the rounds from a prominent figure after an interview was published on Monday. Speaking to Squawk Box, SEC commissioner Hester Pierce, more popularly known as the Crypto Mom, said she thinks a spot BTC ETF should have been approved five years ago, adding that “the logic for why we havent [approved a spot BTC ETF] has always mystified me.”

Pierce also acknowledged the Grayscale victory as an important factor in the industry, but appreciates that the decision is not hers alone. This happened on August 29 when the firm secured victory in its longstanding case against the SEC, with the court deeming the financial regulator‘s denial of Grayscale’s ETF proposal as being “arbitrary and capricious” as it failed to explain why similar products are treated differently.

The Crypto Moms stance on the matter is a reminder of an August statement by former SEC staff member John Reed Stark, who spoke of partisan issues at the commission.

My take is that the current SEC will NOT approve a bitcoin spot ETF application for a range of compelling reasons…I also believe that the crypto-regulatory tides could shift exponentially after Election Day.

In Starks opinion, the partisan divide that has evolved regarding crypto at the SEC has culminated to a point where only a Republican getting elected US President in 2024 could give crypto the breather it needs.

On Hester Pierce, Stark noted, “If Hester Peirce becomes acting Chair of the SEC, given her lengthy track record of dissent and opposition to most crypto-related SEC actions, the world should expect that most US SEC crypto-related enforcement and most crypto-related SEC disruption would grind to a screeching halt.”

Nevertheless, Commissioner Pierce acknowledges that the agency has not been very good when it comes to Bitcoin and crypto.

Bitcoin price tests $31,000

Bitcoin (BTC) price is trading with a bullish bias, sustaining the gains that started around October 15. It comes despite the SEC delaying what many perceive as long overdue decisions following multiple series of applications.

With the $31,000 psychological level within grasp, Bitcoin price could shuttle past this level, steered by rising momentum to confront the $31,777 range high. A break and close above this level would confirm the uptrend.

With the Relative Strength Index (RSI) still northbound, coupled with the Awesome Oscillator (AO) in the positive territory, the odds continue to favor the bulls. If the bulls hold onto their strength, the next optimistic targets are the $32,000 and $35,000 psychological levels.

BTC/USDT 1-day chart

Conversely, if profit taking kicks in, Bitcoin price could retract, potentially going as low as the $28,676 support level. Further south, the slump could see BTC tag the demand zone, which extends from $26,995 to $26,510. A break and close below the midline of this order block at $26,734 would confirm the downtrend. Bearish targets in such a scenario would include the $25,000 level.