As the cryptocurrency world busily awaits the impending decision on Ethereum (ETH) Exchange-Traded Funds (ETFs) in the United States, Bitcoin (BTC) has been battling to re-establish its footing above the $70,000 mark. Although these attempts have been unsuccessful so far, the Bitcoin market remains cautiously optimistic. This decision could potentially unleash significant price movements in the broader cryptocurrency market.

Earlier this week, Bitcoin experienced a setback, dipping below the significant $70,000 threshold after trading above it for a brief period. Attempts to recover were evident as Bitcoin managed a surge to approximately $70,500. However, the glory was short-lived as it receded to around $69,000 within a couple of hours. The cryptocurrency market appears to be metaphorically holding its breath in anticipation of Ethereum ETF decision result.

For the Bitcoin bulls, regaining and maintaining ground above $70,000 is the priority. There’s also close attention being paid to the just-below-$72,000 spot, which could activate strong selling pressures. In case of further price falls, Bitcoin has a key support level at around $67,000. As this piece is being penned, Bitcoin is trading at $69,412, a 0.70% dip from 24 hours ago.

As the clock ticks down to the Ethereum ETF decision, movement in the top ten largest cryptocurrencies has been limited. Ethereum is marginally up by 0.15% compared to the last 24 hours. The U.S. Securities and Exchange Commission (SEC) is slated to make its ruling today around 4:00 PM (ET). This could induce huge price fluctuations across the entire cryptocurrency market.

Aside from Toncoin (TON), all other cryptocurrencies in the top ten are currently in the red. Despite the wider market correction, Toncoin (TON) linked with Telegram, has seen an impressive 3.24% surge. Despite this sea of red, losses have been relatively modest across the board, with Solana (SOL), Ripple (XRP), Dogecoin (DOGE), and Cardano (ADA) all shedding around 1%.