Bitcoin Stays Strong Above $30,000: What Can Crypto Market Expect?

  • It seems that Bitcoin is experiencing a pause at the $30,000 level, but is this stagnation a sign of an upcoming bear market or another bull run?
  • The largest cryptocurrency, Bitcoin, with a market dominance of over 50%, covers almost half of the total $1.1 trillion crypto market.
  • Crypto experts worldwide are closely monitoring the resurgence in interest in Bitcoin ETF applications from giants like Fidelity and BlackRock.

Despite slight corrections in the Bitcoin price, it manages to stay above $30,000: developments awaiting the crypto market!

Bitcoin Holds Above $30,000

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Looking at the crypto market, it appears that Bitcoin is experiencing a pause at the $30,000 level, but is this stagnation a sign of an upcoming bear market or another bull run? Let’s delve deeper…

The largest cryptocurrency, Bitcoin, with a market dominance of over 50%, covers almost half of the total $1.1 trillion crypto market. This dominance surge indicates a significant change from the 40% level at the beginning of the year.

As of June 28, BTC is trading at $30,170, having gained 4% in the past seven days.

Impact of ETF Applications and Market Sensitivity

Crypto experts worldwide are closely monitoring the resurgence in interest in Bitcoin ETF applications from giants like Fidelity and BlackRock.

The interest of such international major players signifies an important point of institutional adoption. However, the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against major crypto exchanges Coinbase and Binance for alleged violations of securities laws has cast a long shadow over the crypto market.

Fidelity’s previously rejected fund application by the U.S. Securities and Exchange Commission (SEC) could trigger similar moves by other asset management companies.

Despite regulatory uncertainties, this move contributes to the narrative that the Bitcoin market is constantly maturing.

The Future of Crypto Investments: Futures or Spot ETFs?

American investors who want exposure to crypto on exchanges are limited to ETFs based on futures contracts. However, additional costs related to the restructuring of contracts on expiration days pose a significant challenge.

Spot Bitcoin ETFs could gain popularity as a cost-effective alternative and lead to increased interest in BTC. Additionally, such a method could democratize crypto investments by providing access to institutional and retail investors.

In conclusion, the approval of a spot Bitcoin ETF could change the landscape of crypto investments for institutions and retail investors.

BTC Technical Analysis

The Relative Strength Index (RSI) indicates that Bitcoin is in the overbought zone. However, the bull moving averages (EMA) and awesome oscillators (AO), which indicate bull dominance, are above the midline.

If there is an increase in buyer momentum, the price of Bitcoin could jump to the critical range between $31,800 and $35,300. However, failure of BTC bulls to re-enter the market could lead to bear control and push the price below $30,000.

The current state of BTC at the $30,000 threshold can be seen as either a temporary pause in a bull breakthrough or a precursor to a bearish decline.

One thing is certain, Bitcoin is on a journey filled with ups and downs, making it an exciting process financially.

As the future unfolds, it is certain that it is impossible to predict the exact turns and twists Bitcoin will take.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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