In today’s crypto landscape, the US government is in its third week of shutdown, with 16 crypto ETFs pending approval. Meanwhile, representatives from the US and China are showing signs of improved trade relations. Additionally, Bitcoin is testing the golden cross, a pattern that historically signals bullish momentum.

US Government Shutdown and Crypto ETF Approvals

The ongoing shutdown commenced on October 1 after the republicans and democrats failed to agree on budget plans, affecting multiple agencies, including the SEC that handles ETF applications. As a result, the potential approval of many ETFs is currently uncertain.

Government Shutdown Impact Source: Nate Geraci

Easing Trade Tensions Between US and China

Recent discussions have indicated a de-escalation in trade tensions fueled by tariffs on China and export controls, signalling a willingness for negotiation from both sides.

“Don’t worry about China, it will all be fine! Highly respected President Xi just had a bad moment.” - Donald Trump Translation: Trump reassured that the situation with China will stabilize following recent tensions.

Trade Relations Source: Donald Trump

Bitcoin’s Golden Cross Retest

Bitcoin is currently retesting a significant technical pattern, commonly referred to as the golden cross. This pattern often suggests imminent sharp price increases. If Bitcoin manages to maintain levels around $110,000, a substantial rally may be on the horizon.

Bitcoin Chart *Source: Mister Crypto *