Bitcoin
Bitcoin Price Retests the $30K Threshold on Impending ETF Breakthrough
Bitcoin price edged higher on Friday, adding to its weekly gains, and topping the key level of $30,000 for the second time this week. At the time of writing, the flagship cryptocurrency was trading 2.94% higher at $29,562.45. Bitcoin’s total market cap has climbed by more than 5% over the last day to $578 billion, with the total volume of BTC traded over the same period increased by 75%.
Optimism Ahead
The cryptocurrency market was in the green on Friday as hopes for the approval of a spot Bitcoin ETF grew and crypto investors continued weighing the global economic uncertainty. The premier cryptocurrency is headed for an 11% weekly gain, its best since June this year. Ethereum, the largest altcoin by market cap, added 2.75% on Friday, climbing to $1,607 as of the time of writing.
The global crypto market cap has increased by 2.45% over the last day to $1.12 trillion, while the total cryptocurrency market volume jumped by 33%. Bitcoin’s dominance has also increased slightly to 51.50%. The Crypto Fear and Greed Index is currently at a fear level of 49, suggesting an increase in risk appetite by market participants.
The gains in the Bitcoin price come even as the benchmark 10-year US Treasury yield briefly topped 5%, its highest level since July 20, 2007. The jump came in after Fed Chair Jerome Powell signaled that the monetary policy was not yet too restrictive. Historically, higher treasury yields have had a bearish effect on Bitcoin, but the digital currency is benefiting from a key catalyst that has been on investors’ radar all year.
Investors have been closely watching the approval of what would be the first spot Bitcoin ETF in the US. According to analysts from JP Morgan and Coinbase, the US Securities and Exchange Commission is likely to approve an ETF before January 2024.
Most altcoins were also trading higher on Friday after the SEC dropped its claims against two Ripple Lab executives- CEO Brad Garlinghouse and co-founder Chris Larsen. The Wall Street regulator filed a lawsuit against Ripple Labs, the company behind the XRP token, alleging that the blockchain company violated US Securities laws.
Bitcoin Price Outlook
The Bitcoin price has been hovering slightly below the coveted $30,000 level after briefly making out with the resistance level twice this week. Earlier on Friday, the digital asset hit an intraday high of $30,207.55, its highest level since August, before pulling back slightly. Its Relative Strength Index (RSI) has entered the overbought zone at 71, signaling an increase in buying pressure.
As such, the Bitcoin price is likely to retest the important resistance level of $30K in the ensuing sessions amid confidence for a greenlight on the spot Bitcoin EFT and broader market sentiment. A breakout above this level will give bulls momentum to push the price to the next resistance at $32,000.
BTC Price Chart
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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