Another possible driver for the market this week will be the anticipation of spot Bitcoin Exchange-Traded Funds , with the US Securities and Exchange Commission expected to provide a decision for Bitwise, BlackRock, VanEck, WisdomTree, Invesco, Galaxy, Fidelity, and Valkyrie. Nevertheless, owing to the recent dry-up in macroeconomics' relationship to BTC price and with the SEC's recent history of delays, the impact could be fleeting.
Given the current market state, Bitcoin price could extend north, tagging the supply zone at $28,973, with selling pressure from this area likely to trigger a correction. However, BTC must record a decisive daily candlestick above the range high at $31,130 for a confirmed uptrend. Such a move would constitute a 20% climb, with the most likely trigger being a spot BTC ETF approval.
The Relative Strength Index is rising, while the histogram bars of the Awesome Oscillator flash green, suggesting bullish dominance that could soon translate into a positive price move. Conversely, considering the position of the RSI at 27 and that the AO was still negative, bears still have the advantage, and Bitcoin price could dip into the green order block . For a confirmed downtrend, BTC must confirm below the lower boundary of the demand zone at $25,174 to render it a bearish breaker.
In the dire case, Bitcoin price could tag the $24,079 support level, marking a 10% slump from current levels.Ethereum price outlook opposes that of BTC, showing signs of a downtrend. It comes after the network's co-founder, Vitalik Buterin, executed a huge transaction, moving 3,000 ETH to an address labeled "Vb 2." The impact is yet to be seen as the PoS token continues consolidating.
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