Greetings all!
The recent rise in bitcoin was fueled by the news of BlackRock, which submitted an amended application for a spot bitcoin ETF. This led to a Liquidity withdrawal at 31282.
What about the fundamentals? The market cap is $1.22 trillion and the dominance index is 51.24. The fear and greed index is at 63 (in the greed zone).
For about two weeks, the price of BTC has been in sideways movement and sandwiched between the ~29500 and ~31500 levels (marked with a rectangle on the chart).
Taking into account the positive market situation and decreasing volatility in the market, it's logical to predict a rapid surge in trading volumes. Exchanges in the USA are closed on July 4, so the market is calm and volatile today. Most likely, tomorrow we will be able to observe the increased trade volumes.
But it is more logical to assume that the main driver of the volume and volatility surge could be the news about the final creation of spot BTC-ETF. Therefore, based on the nature of the news, we can make several ways to develop the situation.
1. Positive news. The BTC-ETF is approved by the SEC. In that case, BTC has all the prerequisites to renew its local maximum price. On such a path, we have noted several key points to keep an eye on and make further decisions. From the current (or ~30800) --> to 31500 (the upper boundary of the current sideways movement) --> if it gets a foothold higher, wait for 32200 and higher. If not, return back to the range and continue sideways movement.
2. Negative news. The BTC-ETF is not approved by the SEC for some reason. In this case, there are prerequisites to go down to 29500. At this point it is also necessary to watch the price. If there is a rebound - you can expect further growth. If the price goes lower, the targets are 28500 and even 27500, in order to harmoniously correct the recent rapid growth.
Good luck and patience to everybody!
Always in touch,
Relictum Analytics
The recent rise in bitcoin was fueled by the news of BlackRock, which submitted an amended application for a spot bitcoin ETF. This led to a Liquidity withdrawal at 31282.
What about the fundamentals? The market cap is $1.22 trillion and the dominance index is 51.24. The fear and greed index is at 63 (in the greed zone).
For about two weeks, the price of BTC has been in sideways movement and sandwiched between the ~29500 and ~31500 levels (marked with a rectangle on the chart).
Taking into account the positive market situation and decreasing volatility in the market, it's logical to predict a rapid surge in trading volumes. Exchanges in the USA are closed on July 4, so the market is calm and volatile today. Most likely, tomorrow we will be able to observe the increased trade volumes.
But it is more logical to assume that the main driver of the volume and volatility surge could be the news about the final creation of spot BTC-ETF. Therefore, based on the nature of the news, we can make several ways to develop the situation.
1. Positive news. The BTC-ETF is approved by the SEC. In that case, BTC has all the prerequisites to renew its local maximum price. On such a path, we have noted several key points to keep an eye on and make further decisions. From the current (or ~30800) --> to 31500 (the upper boundary of the current sideways movement) --> if it gets a foothold higher, wait for 32200 and higher. If not, return back to the range and continue sideways movement.
2. Negative news. The BTC-ETF is not approved by the SEC for some reason. In this case, there are prerequisites to go down to 29500. At this point it is also necessary to watch the price. If there is a rebound - you can expect further growth. If the price goes lower, the targets are 28500 and even 27500, in order to harmoniously correct the recent rapid growth.
Good luck and patience to everybody!
Always in touch,
Relictum Analytics