BTC

The price of Bitcoin has witnessed a significant surge in recent times, with BTC dominance reaching a remarkable milestone of 50% for the first time in two years. This surge in dominance indicates the increasing market share of Bitcoin compared to other cryptocurrencies. However, despite this remarkable achievement, analysts are concerned about its vulnerability.

As the dominant cryptocurrency, Bitcoin’s performance is closely watched by investors and traders alike, and any potential vulnerabilities may significantly impact the overall cryptocurrency market.

After BlackRock’s ETF filing, Grayscale Bitcoin Trust Witnesses Bullish Surge

By filing an application for a Bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC) last week, BlackRock, a $9.5 trillion asset manager, made a historic move. This significant development has positively impacted investor sentiment and propelled Grayscale’s Bitcoin Trust (GBTC) to new heights.

With the help of Grayscale’s flagship product, GBTC, investors may trade shares in trusts that hold pools of Bitcoin, with each share intended to reflect the current price of Bitcoin. This allows investors to obtain exposure to Bitcoin without purchasing and retaining the commodity directly.

Grayscale’s flagship product, GBTC, allows investors to trade shares in trusts that hold Bitcoin, with each share designed to reflect the current price of the cryptocurrency. This provides investors with exposure to Bitcoin without the need to directly purchase and hold the digital asset.

Despite an ongoing legal battle with the SEC, today has been a favorable day for investors. BlackRock’s impressive track record with ETF applications (currently at 575-1) has breathed new life into GBTC.

The SEC has maintained a seemingly “anti-crypto” stance, with notable figures like SEC Chair Gary Gensler expressing skepticism towards cryptocurrencies.

However, the resilience of BlackRock’s ETF applications in the face of legal challenges is boosting BTC/USD prices on Tuesday.

Will Bitcoin Rise as Traders Shift to Stocks Following the Fed’s Rate Halt?

The Fed’s decision to halt rate increases coincided with U.S. stock markets reaching new record highs for the year. On June 15, Bitcoin experienced a 6.5% increase after successfully holding the $26,300 level. However, the sentiment remains somewhat pessimistic due to its 12.7% decline over the past two months.

In recent news, the Court denied the US Securities and Exchange Commission’s (SEC) request to freeze Binance.US assets on June 16, providing some relief for the exchange.

The global regulatory landscape has significantly negatively impacted cryptocurrency prices over the long term. The European Union’s introduction of the Markets in Crypto-Assets (MiCA) laws, along with the SEC’s attempts to define certain cryptocurrencies as securities and their legal battles with major global exchanges, has further added to the uncertain environment.

Compliance with the MiCA regulations will impose deadlines on cryptocurrency businesses.

Investors will closely monitor Federal Reserve Chair Jay Powell’s upcoming hearings before the House Financial Services Committee on June 21 and the Senate Banking Committee on June 22.

Professional traders in the Bitcoin futures market have maintained a positive outlook despite the challenging regulatory environment.

Bitcoin Price Prediction

Bitcoin price is trading at $26,904, experiencing a 1.73 percent increase on Tuesday. After hitting a three-month low last week, bitcoin (BTC) recovered and demonstrated strength on Tuesday, reaching a one-week high.

Bitcoin’s technical analysis is having a groovy transformation from bearish to bullish vibes, as it found solid support at $24,750. The four-hour timeframe shows a rocking pattern called “Three White Soldiers,” signaling the party is still going strong in the upward trend.

The resistance level at $36,150 got the boot as BTC closed candles above it, showing its rebellious spirit.

BTC

The 50-day exponential moving average is acting as a supportive dance partner at $26,300. The immediate resistance level is $27,000, and breaking through it could ignite some serious moves toward the next resistance level at $27,400 or $27,700.

If things take a downturn, look for support around $26,600, with a sturdy backup at $26,200. Don’t forget to keep an eye on the groovy $27,000 level, as it could be a pivotal point for today’s market moves.

Let’s keep the Bitcoin party rocking!

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