• Key events that might shape the price action of Bitcoin in the coming week.
• Spot Bitcoin ETF decision, employment and economic data from the US are some of the key trends to watch.

This week, the crypto market is bracing for a series of significant events that could drive the price of Bitcoin (BTC) to $30,000. 

Bitcoin Spot ETF Decision Effect on Price

At the forefront of these events is the long-awaited decision by the United States Securities and Exchange Commission (SEC) on Bitcoin spot Exchange Traded Funds (ETFs). 

A recent report has revealed that the SEC is set to issue its decision on Bitcoin spot ETF filings submitted by many heavyweight companies in the financial industry between September 1 and 2. Among the companies seeking approval are Bitwise, BlackRock, VanEck, WisdomTree, Invesco & Galaxy Digital, and Fidelity. 

The anticipation surrounding these decisions is palpable, as they could signal a significant shift in the regulatory stance towards crypto-based investment products. The timing of the announcements is intriguing, with September 2 falling on a Saturday. However, it is widely speculated that the SEC might release decisions for all the applicants on September 1, Friday afternoon, providing the market with ample time to react over the weekend. 

While the market largely anticipates a delay or rejection, the possibility of approval carries immense implications. Consider the scenario in which the SEC approves a Bitcoin spot ETF filed by BlackRock the world’s largest asset manager by assets under management (AUM), the market might see a major bullish trigger for all digital currencies. 

The legitimacy of Bitcoin as an investable asset could gain a resounding vote of confidence, potentially prompting a surge in demand. The resulting effect on BTC prices could be substantial, accompanied by a broader transformation in market sentiment.

Grayscale vs. SEC’s Regulatory Showdown

The ongoing legal battle between Grayscale Investments and the SEC has added another layer of uncertainty to the market this week. Beyond its immediate implications, this case could potentially serve as a backdoor for the approval of a Bitcoin spot ETF.

As the legal proceedings unfold, the market awaits the verdict with growing anticipation. Current indications suggest that a decision in the case could be imminent, likely within the next few days or weeks. The timing of the decision follows patterns observed in past cases, with rulings typically released on Tuesdays or Fridays at 11 a.m. EST.

The duration of the case adds another layer of intrigue. It’s been 173 days since the oral arguments were presented. Historically, such cases are often resolved within 160 days, making the length of this case noteworthy.

DXY and Macro Events

The U.S. Dollar Index (DXY), which measures the dollar’s strength against a host of other major currencies, has historically shared an inverse relationship with Bitcoin and other cryptocurrencies. When the DXY strengthens, Bitcoin price tend to face pressure, and vice versa.

Macro events such as US Consumer Confidence and Job Openings on Tuesday (10:00 a.m. EST), US Core PCE and Unemployment Claims on Thursday (8:30 a.m. EST), and the US Unemployment Rate on Friday (8:30 a.m. EST) are some of these expectations that can influence the DXY’s movement.

Traders will be closely monitoring the DXY this week, as any significant movement could impact Bitcoin’s value. A weaker dollar might lead to increased Bitcoin investment, potentially pushing the price higher.