BTC/USD is currently trading at $29,400, down about 0.50%.

While the cryptocurrency market adjusts to this change, Bitcoin is under huge price pressure due to the upcoming Bitcoin halving event in 2024 and a critical decision by the US Securities and Exchange Commission (SEC) on an ETF application.

The latest US inflation data adds an additional element of uncertainty to market dynamics.

In this context, let's examine in detail the factors affecting Bitcoin's current situation and future potential.

Bitcoin Halving 2024

With the Bitcoin halving scheduled to take place on April 26, 2024, the block reward is expected to drop to 3,125 BTC according to current estimates.

This halving forms an important part of Bitcoin's monetary policy. Halving aims to maintain its value in the long term, aiming to control inflation and encourage scarcity.

As each halving event reduces the number of new Bitcoins produced per block, the supply of the cryptocurrency shrinks, reflecting the characteristics of inflation-resistant assets such as gold.

Throughout history, this decreasing supply and increasing demand has triggered potential price increases.

As a result, the Bitcoin halving strengthens Bitcoin's unique position relative to inflationary traditional fiat currencies by limiting its total supply to 21 million coins.

The potential impact of this halving on the price further highlights this complex relationship between scarcity, demand and the value of Bitcoin.

Critical ETF Decision Expected from SEC

The SEC is expected to make a decision on the ARK 21Shares Bitcoin ETF one day before the August 13 deadline.

The institution's decision is awaited with great excitement in the crypto market. However, there is a possibility that the decision will be postponed.

If the decision is announced after market close, this could put pressure on BTC prices.

Leading financial firms such as BlackRock, Bitwise, Van Eck and Wisdomtree are seeking official approval for Bitcoin ETFs.

ARK 21Shares may be leading the ETF race. However, concerns about market manipulation, liquidity and investor protection may prevent or delay approval of these ETFs.

The coming days will be critical for ARK 21Shares and other companies as they deal with these challenges.

US Inflation Data Creates Uncertainty in the Market

Inflation rose 3.2% in July, the US Bureau of Labor Statistics announced, slightly below the market's expectation of 3.3%.

Uncertainty in BTC price action hinges on the potential for the Federal Reserve to maintain a continued hawkish stance due to lower-than-expected CPI data.

The effect of inflation on the price of Bitcoin is not certain. This is evident from the fact that the current price of Bitcoin is below $30,000 following the data release in July.

In the past, Bitcoin has increased in value due to inflationary effects. The Fed's monetary expansion policies in 2021 brought the price of Bitcoin to a historical peak of $65,000.

However, the recently announced CPI report did not trigger the expected bullish movement in Bitcoin and investors are waiting for a catalyst to surpass the $30,000 resistance level.

Bitcoin Price Prediction

Bitcoin is currently trading at around $29,400. The price action seems stagnant as it struggled to break the $29,600 level on the four-hours chart.

If prices gain positive momentum and surpass the $29,600 level, Bitcoin's price could potentially rise to $30,200 levels.

Bitcoin reached the 61.8% Fibonacci retracement level at $29,200. Doji candles closing above this level indicate a potential bullish correction.

If it falls below this level, BTC could decline towards $29,250.

On the other hand, breaking the $30,200 resistance could push BTC towards the $30,600-$31,000 range.

The $29,800 and $30,200 areas are critical. Possible changes below these levels would mean further declines for BTC.C.

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