Bitcoin starts the month on the right foot and manages to exceed $30,000, despite the SEC’s rejection of requests from BlackRock, Invesco, Fidelity and other companies to create an exchange-traded fund (ETF) of Bitcoin cash. The SEC informed the Nasdaq and the Chicago Board Options Exchange (CBOE) that the filings for these ETFs were not “clear and complete.” In this framework, Bitcoin manages to rise up to 0.4% in the last 24 hours while Ethereum rises 2.29%, approaching $2,000. Should I buy?
There are several news that can drive the market this month, according to the main analysts:
1. Institutional Investor Initiatives
New proposals gave Bitcoin a “positive” boost, even with the SEC lawsuits over Binance and Coinbase present in the market.
2. Rising Opptimism That Cryptocurrencies “Will Not Be Regulated”
Edward Moya, also an OANDA analyst, stresses that the good performance of cryptocurrencies in the first half of the year, with bitcoin rebounding above 80%, is due to growing optimism that “‘cryptos’ will not be regulated”. “Attention has been focused on the approval of a bitcoin ETF in the US but it is not clear how long it will take to get that update.”
“A break above $31,000 could accelerate its rise once againand $32,500 could be the next test,” Erlam said. Similarly, Moya stresses that the queen cryptocurrency will need a “new catalyst” if it wants to break the range in which it has been moving in recent weeks. If he succeeds, he points out, he could climb up to the $34,000.
3. July is traditionally one of the best months for Bitcoin
StormGain cryptocurrency exchange expert Dmitry Noskov believes that in July Bitcoin has every chance of a continued rise as US regulators are likely to further tighten control over altcoins.
“Bitcoin can rise in price to the $32,000 – $33,000 level, and then plunge to the psychological $35,000 level.” Noskov noted that the positive dynamics of the cryptocurrency is supported by the position of the US Securities and Exchange Commission on Bitcoin.
Bitget CEO Gracy Chen also shared her Bitcoin price prediction for July 2023. In her opinion, a test of $34,000 – $35,000 levels a month from now is not ruled out. The positive dynamics of BTC, in his opinion, will not be hampered even by the plans of the US Federal Reserve to carry out two additional rate hikes.
4. Other factors that can boost Bitcoin
– Bitcoin’s correlation with the stock market and major physical assets like gold and silver is declining. This suggests that more and more people are transferring their savings from traditional instruments to cryptocurrencies.
-The cumulative open interest in BTC futures reached its highest level since the beginning of the year.
correction ground
The Fear and Greed Index indicates that digital assets could be in corrective territory after having recovered the 60 points lost after the SEC’s rejection of ‘spot’ bitcoin ETFs. According to this index, the prevailing situation in the market is one of “greed”, as investors feel more optimistic about the future of the cryptocurrency markets. The annual maximum for this reference was reached in mid-April, when it stood at 69 points.
A downward reading of this reference can indicate “extreme fear” which can be interpreted as a sign that investors are overly concerned and is often seen as a buying opportunity. Conversely, a broad sentiment of “greed” may indicate that the market is about to undergo a correction.
Source: Ambito
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