The Recent Rise of Bitcoin: What’s Next for BTC Price?
- Bitcoin’s recent rise past $30,000 is believed to be a response to pending Bitcoin ETF applications.
- Investor expectations are high for Grayscale to convert its Bitcoin Trust (GBTC) into an ETF.
- Bitcoin’s price is consolidating near $30.8K, with investors anxiously waiting to see if it will break the $31K mark.
- The open interest for the June 30 options expiry stands at $4.7 billion, with a significant disparity between call and put options.
- Bitcoin’s market capitalization dominance has reached 58%, a level not seen since April 2021.
What’s Waiting for BTC Price Next?
- Bitcoin’s price is currently trading within a narrow range of $30,300 and $30,800.
- The bears are expected to push the price below $30,000, but if the bulls defend this level, it signifies strength.
- The upward trend of the 20-day EMA and the positive RSI suggest Bitcoin price will attempt to break $31K.
- If buyers drive the price above $31,000, BTC price might continue its upward trend.
- The first sign of weakness would be a close below $29,800, potentially leading to a range between $29,000 and $24,300.
Overall, the recent rise of Bitcoin and the anticipation surrounding ETF applications have created excitement in the market. Bitcoin’s price consolidation near $30.8K is a crucial level to watch, as it may determine the next major move. With the June 30 options expiry and Bitcoin’s market dominance reaching new highs, the market sentiment remains bullish. However, investors should be cautious of potential price fluctuations and closely monitor key support and resistance levels.
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