Bitcoin Holds $30,000 As ETF Applications Resubmit: Outlook Remains Positive

Exchanges

  • Fidelity has led other market players in refining the spot Bitcoin ETFs after the SEC called them inadequate.
  • Bitcoin’s price is currently higher than several moving averages such as the 50-day EMA, 100-day EMA, and 200-day EMA, indicating its strength.

The world’s largest cryptocurrency Bitcoin (BTC) remains firmly above the $30,000 level, recently consolidating at around $30,500 levels.

The price of Bitcoin (BTC) has held firm after the U.S. Securities and Exchange Commission (SEC) declared last week that all spot Bitcoin ETF filings filed in June are “insufficient.” While the SEC’s response caused some turbulence in the market, it wasn’t enough to push the BTC price below $30,000.

Some issuers have also resubmitted their applications while naming crypto exchange Coinbase as a market surveillance partner. Fidelity Investments and other companies including Invesco, VanEck, 21Shares and WisdomTree have filed new applications for spot Bitcoin exchange-traded funds (ETFs) after initial filings were deemed insufficient by the U.S. Securities and Exchange Commission (SEC). These companies are part of a group of eight looking to launch the first wave of US spot Bitcoin ETFs.

Where is the Bitcoin price going?

Currently, the bulls and bears remain divided on the further movement of the Bitcoin price as of now. When the BTC price surged above $30,000 last month, miner activity increased significantly.

Bitcoin miners have been taking large amounts of coins from the exchanges and offloading their holdings. Bitcoin miners were on a very strong footing this year in 2023, and the 80 percent price increases in the Bitcoin price this year have forced miners to turn to posting profits. On-chain data provider Glassnode reports that miners recently sent $105 million worth of Bitcoins to exchanges.

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Joe DiPasquale, CEO of BitBull Capital, also sees a support zone for Bitcoin between $27K-$29K. He also stated that such price action could lead to deeper declines in altcoins. In a note to CoinDesk, he said:

Last week, we highlighted how Bitcoin staying above $30,000 would be positive for the market. This week we saw some of that sentiment shift to alts, as ETH showed signs of wanting to test $2K, and other altcoins rose as well. Market participants would do well to remain cautious about the continued upward momentum.

Bitcoin’s technical indicators are showing strength

The Moving Average Convergence Divergence (MACD) indicator provides a signal to buy Bitcoin, supporting the idea that the price will rise.

Bitcoin’s price is currently higher than several moving averages, such as the 50-day EMA, 100-day EMA, and 200-day EMA. This suggests that there is a good chance that the price will continue to rise.

Courtesy: Trading View

Investors should keep an eye on how Bitcoin reacts when it hits the USD 31,000 resistance level. If the price breaks this level, it may be a good time to buy. It is also important to consider the resistance levels at $35,000 and $38,000.

More cautious traders may prefer to wait for Bitcoin to cross the next USD 32,000 resistance level. This would be accompanied by increased trading volume and investor interest, indicating a stronger upside trend.

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