According to a statement made by a representative to a popular cryptocurrency news site, the suggestion that the FSA is currently considering ETF approval at the moment was false. The spokesperson added that the FSA is not currently considering such a step.
Last week, several reports were submitted suggesting that Japan is considering the possibility of approving ETF as a substitute for bitcoin futures. Such a report was even drawn up by Bloomberg. In these reports, many people expected a positive result from the ETF application filed by VanEck. The decision on the notification will be taken by the SEC (Securities and Exchange Commission) by the end of the following month.
With the advent of highly regulated investment instruments in recognized markets such as Japan, the approval of the ETF would reduce the likelihood of price manipulation. However, the spokesman for the agency said that the FSA currently does not see the need for derivatives related to cryptocurrency markets. This effectively strengthened the agency's position on ETFs.
Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market has bounced from the technical support at the level of $3,452 and is currently trading just above the old 50% Fibo at the level of $3,646. Any violation of the nearest technical resistance at $3,667 will open the road towards the next target for bulls seen at the level of $3,850.
