Despite these figures, the recent surge in Bitcoin’s price can be attributed to BlackRock’s filing of a Bitcoin exchange-traded fund (ETF). However, the Securities and Exchange Commission (SEC) has stated that the filed application is inadequate, introducing uncertainty into the market and potentially impacting Bitcoin’s future trajectory.
In this Bitcoin price prediction, we will delve into the factors that fueled this rally and examine the implications of the SEC’s evaluation.
Bitcoin Faces Strain as SEC Finds Spot Bitcoin ETF Filings Inadequate
The decline in Bitcoin prices is linked to recent developments surrounding the Securities and Exchange Commission’s (SEC) response to asset managers’ applications for Bitcoin exchange-traded funds (ETFs).
According to The Wall Street Journal, the SEC has deemed these applications insufficient in terms of clarity and completeness.
This announcement from the SEC has had a significant impact on market sentiment, resulting in a decline in Bitcoin prices.
The SEC’s determination has created uncertainty and dampened investor enthusiasm, leading to declines in Coinbase shares and a 1% decrease in Bitcoin’s value.
Other asset managers, such as Fidelity Investments, Ark Investment Management, Invesco, WisdomTree, Bitwise Asset Management, and Valkyrie, have also taken cues from BlackRock and reactivated or amended their Bitcoin ETF applications.
Bitcoin Price Prediction
The BTC/USD pair is trading at $30,456, with a trading volume of $23.3 billion within the past 24 hours. Throughout this time frame, Bitcoin has encountered a minor decrease of approximately 0.50%.
As per CoinMarketCap, Bitcoin currently has the highest position, holding a live market capitalization of $591 billion.
From a technical analysis perspective, Bitcoin encounters a notable challenge at the $31,000 mark. If this level is successfully surpassed, there is a possibility of reaching price targets at $32,500 and $34,000.
If Bitcoin drops below the important $30,000 support level, it could face downward pressure towards the $28,700 level, representing a 38.2% Fibonacci retracement or even the $28,000 level, corresponding to a 50% retracement.
Bitcoin’s downward movement may encounter significant resistance around the $28,000 mark, specifically at the 50-day exponential moving average.
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