$30,000 Support Level
The Bitcoin price had recently surged past $30,000, thanks to BlackRock and Fidelity Investments applying for spot BTC ETFs. This BTC price recovery fueled excitement in the crypto ecosystem again. The BlackRock spot ETF application, which was one of the biggest reasons for the rise, was found insufficient by the SEC, causing a decrease in the BTC price and falling below $ 30,000.
Despite this significant negative development, the Bitcoin price started to hover around $ 30,000 again in a short time. Contrary to expectations, the insufficient Bitcoin ETF application did not affect the Bitcoin price much. For Bitcoin, which continues to maintain its price despite negative developments, we have previously published "IS $30,000 SUPPORT FOR BULLISH?" We also mentioned in our article:
Considering the positive scenario for cryptocurrencies, Bitcoin should firmly maintain the $30,000 BTC price support level in the coming weeks.
We can now say that $30,000 is a reassuring support level for Bitcoin. It can also be a good jumping point, as in the articles we mentioned before.
BlackRock Insistence
BlackRock manages a massive investment fund worth as much as $10 trillion. The decisions and moves made by a company with such a magnificent value are, of course, very decisive for the price of Bitcoin. The SEC's decision to find the BlackRock spot Bitcoin ETF application inadequate did not have a significant impact on the price decline, with Bitcoin stuck at the $30,000 support level.
Today BlockRock filed for a second spot Bitcoin ETF. As we mentioned before, this caused a bounce from the $30,000 support level, causing Bitcoin to break the very important resistance level of $31,000.
What's next?
The positive outlook on the crypto market and overall sentiment in the crypto market has been positive in recent weeks. This helped increase the price of Bitcoin and other cryptocurrencies. Today, BlockRock's second spot Bitcoin ETF application also increased the price above $31,000, supporting confidence in the market.
Considering what comes next, approval of Bitcoin spot ETFs by the SEC would be a major milestone for the cryptocurrency industry as it shows that the SEC is willing to approve Bitcoin-related products. These developments, together with the positive outlook in the market, will be a great support for Bitcoin on its way to a price of $ 30,000.
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