BlackRock is expected to closely monitor the review process of various exchange-traded fund (ETF) proposals for a prominent Bitcoin ETF. According to Eric Balchunas and James Seyffart of Bloomberg Intelligence, only one of the 550 ETF applications filed by BlackRock was rejected.
The current state of the cryptocurrency market!
While Bitcoin consolidates as it awaits its next catalyst, some altcoins have seen strong buying. This has brought Bitcoin’s market dominance below 50%, indicating a possible shift towards altcoins in the short term. Let’s see how the major cryptocurrencies will perform in the coming days.
Bitcoin closed above $31,000 on July 13, but it turned out to be a bull trap as the bears pulled the price below the level on July 14. This could indicate that the bears are strongly defending the range between $31,000 and $32,400.
The price action in the past few days has formed a downtrend on the RSI, which shows a weakening bullish momentum. The bears are likely to try to gain advantage by pulling the price below the 20-day exponential moving average at $30,187. If they succeed, the BTC/USDT pair could drop to $28,631, which is the 50-day simple moving average.
Bitcoin Analysis!
If the bulls want to arrest the decline, they might need to quickly push and sustain the price above $31,000. The pair could then climb to $32,400. A breakout and close above this level could clear the way towards $40,000 as there is no major resistance in between.
The pair’s break below the moving averages on the 4-hour chart could indicate exhaustion of demand at higher levels. The bears would need to sink the price below $29,500 and sustain it to initiate a deeper correction. The pair could then drop to $27,500.
Alternatively, the bulls might need to push the price above $31,000 and sustain it to start an upward move towards $32,400. If the price of the cryptocurrency turns down from $32,400 but rebounds from $31,000, it could indicate that the bulls have turned this level into support. The pair could then start a rally towards $40,000.
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