- Bitcoin Trading Volume dips below 55% in the past 24H.
- Bloomberg analysts see a 75% chance of Bitcoin ETF approval this year.
After celebrating a significant victory against the United States Securities and Exchange Commission (SEC), which aimed to transform the Grayscale Bitcoin Trust (GBTC) into a publicly listed Bitcoin exchange-traded fund (ETF), the charts of the major crypto Currencies turned green. However, in a surprising turn of events, the coins quickly reverted to their previous red chart days. This was especially noticeable in the case of Bitcoin, the leading coin by market capitalization , which surged by over 5.67% yesterday, only to decline by 0.82% in the past 24 hours.
Despite this decline, the bullish momentum gained on August 29 from the victory which let itsurge from $25,912 to $28,089 ,helped Bitcoin maintain its overall positive trajectory. It’s important to note that Bitcoin had been under the influence of strong bearish dominance for over two months.
Meanwhile, shockingly, Bitcoin’s trading volume, which ranks second on the chart just after Tether, experienced a significant decline of 55% in the past 24 hours. Analysts suggest that Bitcoin’s inability to break the $30,000 mark might have negatively affected investor sentiment. It leading to confusion about whether the bullish surge triggered by the victory could potentially be overcome by bearish forces.
Bullish Hope
On the other side, within the community, a strong sense of bullish optimism persists. This is particularly fueled by the imminent approval of a Bitcoin ETF, which has garnered favor and anticipation. Industrial experts contribute to this bullish sentiment through their analyses and opinions. Notably, analysts at Bloomberg have increased the likelihood of an approved spot Bitcoin ETF by the end of 2023 following Grayscale’s victory over the federal securities regulator.
In an August 30 post on X (earlier Twitter), Bloomberg senior ETF analyst Eric Balchunas mentioned that the probability had been raised from 65% to 75% due to the unanimous and decisive nature of the recent United States Court of Appeals Circuit decision in favor of Grayscale. Bloomberg analysts James Seyffart and Elliot Stein added in a separate note that the judges’ unanimous rejection of the SEC’s arguments. And the agency’s potential struggle to justify further denials contribute to this increased likelihood.
Furthermore, United States presidential candidate Vivek Ramaswamy applauded Grayscale’s victory He criticized the “shadow” U.S. government. And attributed the victory to the U.S. courts’ role as a last line of defense to retain cryptocurrency innovators within the country.
Will Bitcoin Experience a Bullish Rally?
An analysis of Bitcoin’s recent price movements highlights an ongoing bullish trend on the daily chart. The short-term 9-day exponential moving average (EMA) at $26,850 indicates prevailing bullish sentiment, similar to Bitcoin priced at $27,237. The Relative Strength Index (RSI) hovers at 47, suggesting a neutral zone.
Bitcoin’s recent breakout on August 29 has resolved its range to the upside. This suggests that the price may fluctuate within the wide range between $24,800 and $31,000 for some time. If buyers can defend the breakout level of $26,833 and convert it into support, this will signal bullish strength. The BTC/USDT pair might initially rise to the 50-day simple moving average (SMA) at $28,689. And then attempt a rally towards $31,000.
On the other hand, if bears manage to push the price below $26,833, it would indicate their dominance. And a tendency to sell during recovery attempts. In this scenario, the pair could potentially retest the robust support level at $24,800.
Will BTC be able to sustain the bullish momentum? Share your thoughts by tweeting us at @The_NewsCrypto