Volatility in Crypto Market as Bitcoin ETF Applications Gain Attention

- Volatility spiked in the crypto market on Thursday as a renewed focus on the recently filed spot Bitcoin exchange-traded fund applications led to an early morning surge that saw BTC climb to its highest price since May 2022, only to fall by thousands of dollars as traders took profits.

Crypto investor Scott Melker, host of “The Wolf of All Streets” podcast, said it's not surprising that BTC corrected at this level because that is where it traded just before the Terra/Luna contagion event of 2022.Tapped the mother of all resistances on the chart and got smacked down. No surprise. That zone is the "before LUNA" level that effectively erases all contagion of 2022 from the picture.

“My best guess is, like the rally from 28k to 31k on the ‘fake’ Cointelegraph story a couple of weeks ago, this morning's rally is a glimpse of the future,” he said. “ when, but I don't expect 38-42k to be significant resistance for a 4-month period, as symmetry would predict. To be clear, I am saying the 4 MONTH range is unlikely, not a few days or even a few weeks…”

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