JUST IN: 🇺🇸 Former SEC Chairman says Spot #Bitcoin ETFs should be approved. pic.twitter.com/szb6vTzpLj
— Watcher.Guru (@WatcherGuru) July 10, 2023
A
A
Bitcoin (BTC): The next bull-run is not far off! July 12 technical analysis
Thu 13 Jul 2023 ▪
3
min of reading ▪ by
Getting informed
▪
Invest
Recent news seems favorable for cryptos. Indeed, a former SEC official’s opinion that the Bitcoin ETF should be approved is seen as positive for the crypto market. Is the next Bitcoin (BTC) bull-run imminent?
Bitcoin (BTC) is gearing up for big moves
BTC is gearing up for big moves today with the release of the US CPI. This economic indicator will have an impact on the value of this crypto. Forecasts point to a favorable figure for the resumption of the Bitcoin (BTC) bull-run. Indeed, forecasts show a decrease in the inflation rate to 3.1%. If CPI comes in below expectations, BTC could see an explosive rise.
Jay Clayton’s opinion also supports this bullish hypothesis. According to this former SEC chairman, Bitcoin ETFs should be approved. If this is the case, Bloomberg analyst Eric Balchunas estimates that $30 trillion in funds could be released into the Bitcoin (BTC) market. This would certainly increase the buying pressure on this crypto.
If all the conditions are right, the queen of cryptos could once again see a rise of at least 20%. It’s important to remember that the rise in June occurred under similar conditions, i.e. a lower-than-expected inflation rate and demand for Bitcoin ETFs (BTC) from Blackrock.
Levels to watch
The first level to watch is the Double Bottom at $29,619, as there could be available liquidity (stop sell orders) below this level. There could also be liquidity available below the trendline formed since July 6. Thus, Bitcoin (BTC) could fall to liquidate orders below these levels before exploding higher.
On the upside, the resistance levels to watch are at $35,000 and $40,000. Even on the downside, support at $28,341 should hold the price of Bitcoin (BTC). This level corresponds to the 200-day moving average.
Entry : 29 619 $ ;
Stop : 29 000 $ ;
Target : 35 000 $.
Maximize your Cointribune experience with our 'Read to Earn' program! Earn points for each article you read and gain access to exclusive rewards. Sign up now and start accruing benefits.
Click here to join 'Read to Earn' and turn your passion for crypto into rewards!
A
A
Je suis passionnée par les cryptomonnaies, un monde que j'ai découvert il y a peine 3 ans. Mon seul but est de vous informer de cet univers incroyable à travers mes articles.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.