Bitcoin
Bitcoin (BTC) Could get to $10,000 due to These 4 Factors
Bitcoin (BTC) gathered some serious steam on Monday that enabled it to rise from the $6,300 levels to the current levels of $7,300. The technical analysis had clearly stated that the King of Crypto had been oversold and bound for a rebound in the crypto markets. However, the rebound was only made sooner by a bunch of positive news as shall be elaborated below. The same positive news could be the key to BTC returning to its winning ways and to levels back above $10,000.
General Technical Analysis
The general technical analysis had earlier indicated that BTC had been oversold with the support levels of $6,100 being a last line of defense. This resistance level was key for either upward or downward movement was possible. But with BTC being oversold, the only direction was up. The current resistance level stands at around $8,000 which will be broken due to the other 3 factors below.
Bitcoin ETFs
The current feel in the crypto-verse is that the pending filing of Bitcoin ETFs at the SEC by the CBOE exchange will be approved. This will mean that Bitcoin ETFs will be classified as securities and traditional investors can now get into crypto. This will then usher in a new wave of crypto investing by high net individuals as well as institutional investors. The ruling on the filing by the SEC will be around August. All fingers are crossed that it will be a positive outcome.
BlackRock Investment firm exploring blockchain and cryptocurrencies
The earlier mentioned pump of Bitcoin (BTC) on Monday can be attributed to the fact that the BlackRock investment firm – that handles trillions in traditional assets – had stated through its CEO, that it was exploring blockchain technology and cryptocurrencies. Many crypto-traders believe this is an admission by BlackRock of getting into crypto 100%. This then has opened the floodgates to numerous possibilities.
Billionaire, Steven Cohen announcement on investing in a crypto hedge fund
A fourth and not necessarily the last factor that will lead to $10,000 BTC in the coming weeks, is the admission by Steven Cohen that he had put money into a hedge fund focusing on cryptocurrencies and blockchain based companies. Steven Cohen is known as an industry leader in investing. His admission will bring in more ‘big fish’ into the crypto-markets.
In a nutshell, the time is nigh for a Bitcoin rally to the $10,000 level. Of course, there will be the usual market correction along the way, but the general feeling is that the only direction is up for the King of Crypto.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
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