Bitcoin Price Support At $54,450: Four Factors To Watch
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Bitcoin’s (BTC) price is down 24% since topping out at $71,758 in early June. As sentiment remains soar, the next directional bias for the pioneer cryptocurrency hinges on four critical narratives that continue to unfold. Retail traders adjust their trading strategies based on market sentiment, which explains the highly volatile nature of crypto. Critical Factors Impacting Bitcoin Price Now The $54,450 level has presented as a possible support for Bitcoin price. Two failed breakdowns after the Relative Strength Index (RSI) tested the critical threshold of 30 suggest that BTC may have bottomed out. Bitcoin Price Performance. Source: TradingView Nevertheless, whether a recovery is sustainable will depend on how the four macro market movers play out. Ethereum ETFs Launch Could Inspire Positive Market Sentiment Crypto supporters join Ethereum token holders to see whether Spot Ethereum ETFs (Exchange-traded funds) will begin trading this week. The US Securities and Exchange Commission (SEC) collected final S-1 Forms from prospective ETH ETF issuers on Monday. This suggests progress in the approval process for these financial instruments. Crypto financial services platform Matrixport shares the optimism. The firm anticipates possible launches this week as the deadline for issuers to submit amended S-1 filings reaches. According to the report, progress could be as swift as in May, when the regulator green-lit the 19b-4 forms only three days after submissions. Ethereum ETF Approval. Source: Matrixort Along with the expected launch, the Matrixport report anticipates a 12% recovery in the Ethereum price to $3,400. This speculation comes as ETH jumped 20% in May after approval of 19-b filings. Bullish sentiment from an approval is expected to spill over to Bitcoin, supporting a recovery. Also Read: Ethereum ETF Explained: What It Is and How It Works 2. Mt. Gox Impact May Already Be Priced In Anxiety around Mt. Gox repayments continues…
Filed under: News - @ July 9, 2024 6:16 pm