X

Olivia from Miami

Signed up at ETH Play 13 minutes ago.

» Try ETH Play too
Do not show again

Bitcoin (BTC) has surged past the $30,000 mark again this week, reaching an intraday high of $30,222.

Crypto bulls seem to be feeling more confident the last several days due to a mix of macroeconomic and crypto-specific factors.

Today, Crypto Lists will discuss Bitcoin (BTC) price estimates from a technical and fundamental analysis perspective.

Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.

SEC will likely give the green light for Bitcoin ETFs

Investor sentiment has improved a little bit this trading week; Bitcoin (BTC) has surged above the $30,000 level, and the assets in the crypto space have begun to regain their footing. Some analysts say that Bitcoin open interest is now at its highest level since the FTX collapse, which is connected with a mix of macroeconomic and crypto-specific factors.

Philadelphia Fed President Patrick Harker said this week that the Fed could be nearing the end of its current rate-hiking cycle, and historically, more lenient monetary policies have often been favorable for riskier assets like cryptocurrencies. At the same time, there are growing speculations around the first Bitcoin ETF approval in the U.S. and according to Galaxy Digital CEO Mike Novogratz, the approval may not be far off.

Citing his sources at BlackRock and Invesco, Mike Novogratz stated that the United States Securities and Exchange Commission (SEC)  will likely give the green light for these Bitcoin ETFs within the next four to six months.

“Our contacts from the Invesco side and from the BlackRock side gets you to think that this is a question of when, not if, that the outside window this is probably six months. The Spot Bitcoin ETF application by BlackRock, which happens to be the largest asset manager, has sparked a positive sentiment from institutional investors towards the foremost cryptocurrency.”

 

– Galaxy Digital CEO, Mike Novogratz

Bitcoin whales opened long positions at $29k

The SEC approval of such ETFs would significantly boost demand for Bitcoin, which will positively influence the price of Bitcoin and many other cryptocurrencies. Starting early Tuesday, Bitcoin’s price advanced by more than 3.5%, breaking the $30,000 mark for the second time this month, and it is important to say that Bitcoin whales earlier opened giga-long positions at $29k.

When whales increase their trading activity, it usually indicates that they are getting confidence in the underlying coin’s short-term price prospects. If the whales continue to buy Bitcoin even more, the price of Bitcoin could have an even bigger jump in the upcoming weeks.

According to Coinglass data, Bitcoin Open Interest (OI), a metric that measures the total number of outstanding futures that have not been settled, saw a significant jump, increasing by over $1 billion in less than 24 hours. A surge in OI indicates heightened interest in Bitcoin which can lead to further price increases of the flagship cryptocurrency.

Rating: 9.5/10
Supply: 18,925,000 / 21,000,000
Release date: January 3, 2009

Description: Explore the biggest crypto in the world!

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.


Technical analysis for Bitcoin (BTC)

Bitcoin (BTC) has advanced approximately 6% since August 01, 2023, rising from $28,477 to a high of $30,222. The current price of Bitcoin (BTC) stands at $29,441, which is still more than 35% off from its 2022 highs that were registered in March. The chart below shows that Bitcoin (BTC) has been moving in a strong downtrend since November 2021, and even with the current jump, BTC remains under pressure when we look at a “bigger” picture.

Technical analysis for Bitcoin (BTC)

Important support & resistance levels for Bitcoin (BTC)

Important support & resistance levels for Bitcoin (BTC)

On this chart (the period from February 2023), I marked important support and resistance levels that can help traders to understand where the price could move. Bitcoin (BTC) bulls seem to be feeling more confident last several days, and if the price advances above $32,000, the next target could be resistance that stands at $34,000.

The important support level is $28,000, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $27,000. If the price drops below $26,000, which represents another strong support, the next target could be located around $25,000.

What speaks for the rise in the Bitcoin (BTC) price

Bitcoin, which now comprises nearly 50% of the crypto market, is trading nearly 20% up from June 15 lows of $24,750, and if the price advances above the resistance that stands at $32,000, the next target could be around $34,000.

One of the reasons behind this jump is the fact that investment firms BlackRock and Invesco applied to the U.S. Securities and Exchange Commission (SEC) for a Bitcoin ETF, and according to analysts, these applications have “good odds” of getting U.S. regulatory approval within the next four to six months.

What indicates further downfall for Bitcoin (BTC)

Timothy Peterson, founder and investment manager at Cane Island Alternative Advisors, said that despite the current jump, Bitcoin could easily end up below $25,000 next month. Bitcoin has an important support level at $28,000, and a break below this level would indicate that BTC could probably test the important support level that stands at $25,000. The highly volatile nature of the cryptocurrencies may scare investors again to sell BTC if some negative news happens in the cryptocurrency market – like BlackRock didn’t get the SEC approval or a prominent crypto firm going bankrupt.

What do analysts and experts say?

Bitcoin (BTC) has surged past the $30,000 mark again this week, reaching an intraday high of $30,222, and the main question is, does it have more bullish strength left, which depends on both technical and fundamental factors.

Growing speculations around the first Bitcoin ETF approval in the U.S. is certainly positive news for the flagship cryptocurrency, and according to Galaxy Digital CEO Mike Novogratz, the approval may not be far off. Mike Novogratz stated that the United States Securities and Exchange Commission (SEC) will likely give the green light for the first Bitcoin ETFs within the next four to six months.

The high volume of trading activity demonstrates renewed interest and confidence in Bitcoin, and there are expectations that more institutional investors could purchase Bitcoin in the weeks ahead.

The overall sentiment on the cryptocurrency market also plays a crucial role in Bitcoin’s price trajectory, and the good news is that the cryptocurrency market remains supported after the latest data from the U.S. showed that inflation cooled more than expected in June, which increased confidence among investors and offered reasonable hopes that the Fed might be about to kick its rate-hike habit.

Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.

by Our Certified Author
Bitcoin Newsflash
    Mt. Gox Moves 142 000 Bitcoin: Will the sell off continue?Mt. Gox Moves 142 000 Bitcoin: Will the sell off continue?
    Tuesday, 28 May 2024 11:21 am
    Speculators have been worried about the latest move from Mt. Gox. They transferred around $10 billion in Bitcoin, along with 67 million in Bitcoin cash - which is expected to go to creditors. This might in worst case result in a sell off the coming days, weeks or even hours. If you rather have some fun on one of the newest Bitcoin casinos than sitting and waiting for how the Mt Gox story will unfold, we recommend that you visit Goat Casino's website. It's the hottest BTC casino in May 2024 and their VIP club and huge range of games are attracting many players from around the world. Yes, it's a VPN friendly casino that accept players from almost any country...
    Read the full newsflash


    Hong Kong Approves First Spot Bitcoin ETFHong Kong Approves First Spot Bitcoin ETF
    Monday, 15 Apr 2024 11:31 am
    The original intention for Bitcoin is starting to be diluted with all the Bitcoin spot ETF's that's getting approved. Now, the Hong Kong Securities and Futures Commission (SFC) have made conditional BTC spot approvals according to Reuters - the first in Asia. Crypto Lists expect that all the current and upcoming Bitcoin ETF's are will give bigger sudden movements for BTC in the medium term, both in terms of a potential bull market followed by a...
    Read the full newsflash


    A volatile weekend for BTC before halvingA volatile weekend for BTC before halving
    Monday, 15 Apr 2024 8:36 am
    It's been a more volatile weekend than usual for Bitcoin (BTC), for many reasons. First of all, the U.S tax year ends today which might explain some of the recent sell offs. Secondly, Iran did retaliate the deadly Israeli attack on diplomats in Syria this weekend and Bitcoin dropped a bit extra after that news. However, today the Iranian mission to the United Nations said the issue "can be deemed concluded", so a wider conflict is not very likely anymore. Finally, in about 4.5-5 days, the actual Bitcoin halving is set to take place. It's estimated to be between the evening of 19th of April 2024 or in the beginning of the 20th of April. Historically, Bitcoin have been taking off a few weeks or months after the halving so let's see if the history repeat itself...
    Read the full newsflash


    Bitcoin halving special on Ledger: Zero feesBitcoin halving special on Ledger: Zero fees
    Friday, 12 Apr 2024 11:34 am
    Ledger is doing a special with the fiat-to-crypto payment processor Moonpay (see review), where they offer zero exchange fees for 24 hours. This offer is only valid until 3 PM (GMT) on the 12th of April, 2024. So grab your Bitcoin before the halving with the serious hardware wallet Ledger...
    Read the full newsflash


    Bitcoin halving party in MarbellaBitcoin halving party in Marbella
    Thursday, 11 Apr 2024 10:12 am
    It's not long left until the Bitcoin halving. If you happen to live in or simply are visiting southern Spain, then may we suggest you join us for the party on the 20th of April, 2024. We'll meet up at Paradise Beach Banus in Marbella (Spain) at around 8 PM. There will be a dinner shortly after, followed by a boat trip with drinks and possibly to mingle with other Bitcoin HODL'ers. You can read more details about the Bitcoin halving party in Marbella here and feel...
    Read the full newsflash

New Casino Reviews
New Crypto Casinos
Best Crypto Casinos
Recent Crypto Sites
Recent Crypto Coins
Keep up to date with
 

Our Newsletter

Sign up to our newsletter to get the
latest crypto news, new casinos,
bonus offers and other exciting
exclusives.
* indicates required
CryptoLists.com
Copyright © 2019-2022, by Crypto Lists Ltd (CryptoLists.com). Company name: Crypto Lists Limited. Address: 5 Upper Montagu Street, LONDON W1H 2AG, England.
Jump to top