24hoursworld

Bitcoin: Is the US$22,000 Threat Reviving? The market still does not raise its head

Bitcoin: Is the US$22,000 Threat Reviving?  The market still does not raise its head

New falls in the market cryptocurrencies They show that the market is not raising its head. the bitcoin (BTC) yields 1% in the last 24 hours and falls below the $25,700Meanwhile he ethereum (ETH), although it loses less, it is jeopardizing the barrier of US$1,600. This Tuesday, the crypto market loses 0.9% of market capitalization.

the situation continues without giving signs that it will change in the coming days. The decision of the Securities and Exchange Commissions (SEC) to delay its decision on the traded funds (ETF) of bitcoin spot erased the gains made by digital assets after the court victory of grayscale.

Although experts believe that in the long runthat sentence will be positive for the price of the largest crypto by marketcapthe BTC was able to recover the US$26,000 in the last sessions.

In fact, some market observers believe that Bitcoin is heading “clearly down”. From eToro, they consider that the BTC, which holds “for the moment” the sales of short-term investors, is heading towards a scenario that will “drive leveraged investors out of the market” and will visit the $24,800-25,000.

In that case, if the BTC loses thehis$24,000the scenario would clearly become bearish and the cryptocurrency It would head towards $22,000. In the rest of the market, the falls stand out 2.5% in Solana (SUN) and the rally of more than 1% of Dogecoin (DOGE).

Bitcoin: A JP Morgan Analyst Predicts the Future of ETFs

The current trading value of Bitcoin is $25,720. The cryptocurrency faces to an uncertain September due to regulatory delays and macroeconomic concerns. In the past, Bitcoin always found itself in trouble during the ninth month of the year, experiencing six years of mediocre performance.

J’s analystsP Morganled by Nikolaos Panigirtzoglouhave suggested that the recent legal victory of grayscale against the SEC could pave the way for a surge of Bitcoin (BTC) exchange-traded funds (ETFs).

In a recent report, heAnalysts Propose the SEC Could Reconsider Approving a Bitcoin ETF based on futures to prevent Grayscale Bitcoin Trust (GBTC) from becoming a spot ETF.

JP Morgan Analysts Forecast Several Spot Bitcoin ETFs will receive approval simultaneously, instead of favoring a single applicant. They also argue that the approval of such ETFs is unlikely to have a significant impact on Bitcoin. or in the prices of the cryptocurrency marketciting the performance of similar ETFs in Canada and Europe.

Bitcoin: price analysis and prediction

Bitcoin is facing difficulties to break the $26,200 mark. Despite a recovery attempt from $25,350, the cryptocurrency could not get past this pointindicating downtrends.

BTC price is trading below $26,000, and there is a prominent line downtrend with resistance at approximately $25,650. The key resistances are located in u$s26,000 $ and u$s26,200 .

Get over the US$26,200 could pave the way to goals close to US$26,500 and US$27,000.

On the contrary, if the US$26,000 is not exceededBitcoin could fall, with significant support levels at $25,350 and $25,000. A drop below $25,000 could lead to a decline towards $24,500, or as mentioned above to $22,000.

Source: Ambito

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Posts