Bitcoin Price Rejected at $30k, Drops to $28,937
- Bitcoin attempted to return to $30k but failed and dropped to $28,937.
- Bitcoin’s support at $29k is still holding, but a resistance at $29.2k is preventing further growth.
- Deribit’s Bitcoin volatility index suggests a lack of price volatility in the near future.
- The Dvol for BTC and ETH fell to 37%, the lowest level in history since two years ago.
- Bitcoin may continue to trade sideways in the foreseeable future.
Bitcoin Needs ETF Approval to Grow
- Bitcoin needs a major bullish event, such as BlackRock’s Bitcoin spot ETF approval, for its price to grow.
- Speculation regarding ETF approvals allowed Bitcoin to breach a resistance at $31k.
- Fundstrat predicts a clearing price of $140,000 to $180,000 if a Bitcoin spot ETF gets approved.
- An ETF would increase daily demand to $125 million while daily supply is only $25 million.
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Bitcoin Sell Pressure Coming from Whales
- Recent price drop did not come from ETF failure, but from selling pressure by Binance whales.
- Around 34% of all selling pressure in the last 30 days came from Binance whales.
- Over $41 million in Bitcoin long positions were liquidated as the price dropped to $29k.
What’s Next for Bitcoin?
- Bitcoin’s price is stabilizing at $29k, providing a good market for scalping.
- Analysts suggest Bitcoin is forming a bear flag and may see further price decline.
- Another analyst suggests Bitcoin is forming an ascending triangle, indicating a small price improvement before a crash.
- Bitcoin is awaiting the SEC’s decision on ETF approvals, which could disrupt the bear flag pattern and trigger a major rally.
Evil Pepe Raises Over $750k
- As Bitcoin becomes uncertain, investors are turning to alternative investments like meme coins.
- Evil Pepe, based on the popular meme, encourages users to embrace their “evil side” and take risks.
- Evil Pepe’s presale attracted over $750,000 in a few days.
- The presale will last for slightly under 8 more days, allowing potential investors to buy EVILPEPE for $0.000333 per unit.
