- Fidelity has been leading other market players in refining the spot Bitcoin ETFs after the SEC called them inadequate.
- Bitcoin’s price is currently higher than different moving averages, like the 50-day EMA, 100-day EMA, and 200-day EMA, indicating strength.
The world’s largest cryptocurrency Bitcoin (BTC) continues to hold above the $30,000 level firmly and has been recently consolidating at around $30,500 levels.
The Bitcoin (BTC) price has been holding firmly after the U.S. Securities and Exchange Commission (SEC) stated last week that all the spot Bitcoin ETF filings submitted in June are ‘inadequate’. Although the SEC’s response generated some turbulence in the market, it wasn’t enough to push the BTC price to under $30,000.
Some of the issuers have also re-filed their applications while naming crypto exchange Coinbase as the market surveillance partner. Fidelity Investments and other firms, including Invesco, VanEck, 21Shares, and WisdomTree, have filed new applications for spot-Bitcoin exchange-traded funds (ETFs) after the initial filings were deemed insufficient by the US Securities and Exchange Commission (SEC). These companies are part of a group of eight seeking to launch the first wave of US spot Bitcoin ETFs.
Where’s Bitcoin Price Heading Next?
Currently, the bulls and the bears remain divided over the further movement in the Bitcoin price from here onwards. As the BTC price made a quick move above $30,000 last month, miner activity has shot up significantly.
Bitcoin miners have been moving coins off exchanges in big quantities and offloading their holdings. Bitcoin miners have been on a very strong footing this year in 2023, and the 80 percent price gains in the Bitcoin price this year have forced miners to move towards profit booking. On-chain data provider Glassnode reports that miners have recently sent $105 million worth of Bitcoins to exchanges recently.
Following the ascension in spot price above the psychologically key $30K level, #Bitcoin Miners have continued to send large clips of BTC to exchanges.
Currently, Miners are sending $105M to exchanges, the second largest USD denominated transfer on record. pic.twitter.com/D0T9XxBfBY
— glassnode (@glassnode) July 1, 2023
Also, BitBull Capital CEO Joe DiPasquale sees a support zone for Bitcoin between $27K-$29K. He also stated that such price actions could lead to deeper declines in altcoins. In a note to CoinDesk, he said:
Last week, we highlighted how Bitcoin staying above $30K would be positive for the market. This week we saw some of that sentiment shift toward alts, as ETH showed signs of wanting to test $2K, and other altcoins also rallied. Market participants will do well to remain cautious of sustained upside momentum.
Bitcoin’s Technical Indicators Show Strength
The Moving Average Convergence Divergence (MACD) indicator is giving a signal to buy Bitcoin, which supports the idea that the price will go up.
Bitcoin’s price is currently higher than different moving averages, like the 50-day EMA, 100-day EMA, and 200-day EMA. This suggests that there’s a high chance the price will continue to rise.
Investors should keep an eye on how Bitcoin reacts when it reaches the resistance level of $31,000. If the price breaks through this level, it might be a good time to buy. It’s also important to consider the resistance levels at $35,000 and $38,000.
More cautious traders may prefer to wait until Bitcoin surpasses the next resistance level at $32,000. This would be accompanied by increased trading volume and investor interest, indicating a stronger upward trend.
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