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- 1 Black Rock is very close to filing an application a Bitcoin ETF which can push the BTC adaption
- 2 BTC price is currently seeing a downside trend in the daily chart. It has seen a gain of 0.25% in the intraday session
The recent weeks have caused a lot of turmoil in the market. The SEC’s crackdown on crypto exchanges shook the market. The volume across the exchanges has also observed a decline. The overall cryptocurrency market is near $1.02 Trillion which is near its 2 months low. The recent downtrend has affected Bitcoin less as compared to altcoins. The number of active addresses of BTC is 834,070 which is slightly less than the 2022 high.
Bitcoin has a current hashrate of 390.35EH/S which has been on a continuous rise. Meanwhile, the exchange traded volume of Bitcoin has seen a decline from the high of $373 Million in Mar 2023 to $132 Million as per Blockchain.com. A 12 year old Bitcoin address came back to life on June 15. It contains over 50 BTC which is worth around $1.25 Million dollars. This sparked interesting conversation among the Bitcoin community.
Bitcoin has a market dominance of 47.6% and is still climbing. The current market dominance of BTC is around its 2-year high. Bitcoin’s overall volume has observed a surge of 99% in the past 24 hours hinting towards a recovery in price.
Will BTC Price See a Surge Beyond $30000 Soon?
Bitcoin is currently in a downtrend on the weekly chart. BTC price is currently moving near the value of $25572 with a small gain in the intraday session. The upside momentum of the BTC can see a halt near the value of $28000. Meanwhile, the downside trend momentum of BTC can observe a bounceback near $25000. The asset price is trading in between the 0.236 and 0.382 Fib which can also act as a resistance. BTC price is trading below the 50 and 100 Daily Moving Averages. If a negative crossover happens in the future then a strong bearish momentum can be observed.
The RSI of BTC is near 41 suggesting its presence in the neutral zone. There is no positive slope in it hinting towards a consolidated trend.
Summary
BlackRock is looking to file ETF for Bitcoin which can spur its adoption in future. BTC is currently in a consolidated trend and can see a new high in future.
Technical Level
Major Support:$25000
Major Resistance:$28000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
