Crypto Market Analysis: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, LTC, MATIC, DOT
• Bitcoin and several altcoins are stuck in a tight range, indicating that a breakout is brewing.
• There is a 50% possibility of the BlackRock BTC ETF getting approved by the SEC.
• Retail trader power should not be underestimated when it comes to crypto prices.
Bitcoin and several altcoins are stuck in a tight range, indicating that a breakout is brewing. There is a 50% possibility of the BlackRock BTC ETF getting approved by the United States Securities and Exchange Commission (SEC). Asset manager Fidelity Investments has also filed to launch its Bitcoin spot ETF. Furthermore, retail trader power should not be underestimated when it comes to crypto prices.
A large part of the recent leg of Bitcoin’s rally started after BlackRock filed to list a spot Bitcoin exchange-traded fund (ETF) on June 15th. Several applications by other firms have been rejected by the SEC in the past but there is still hope for approval with this filing. Bloomberg senior ETF analyst Eric Balchunas believes there’s only about a 50% chance that it gets approved. Asset manager Fidelity investments has also filed to launch its own Bitcoin spot ETF which could act as another bullish catalyst for cryptocurrency markets.
Retail Trader Power
Fireblocks CEO and co-founder Michael Shaulov said in an interview with Cointelegraph that institutional entry may not boost prices higher because institutions are likely to do it in such a way as to avoid large price bursts; however, he also noted that retail investors can still have an effect on these prices despite their smaller pool of capital compared to institutional funds.
Price Action Analysis
Most recently buyers have been trying to push Bitcoin above its current overhead resistance level located at $31,000 but they’ve faced stiff opposition from bears who are keeping price action contained within its current range between $31k and $29500 so far today. The rising 20-day exponential moving average (EMA) of $28696 along with positive RSI readings suggest bulls remain in control at present while if buyers successfully manage to break out above $31k then they may resume their uptrend towards further highs with potential resistance being found near $32400 levels before then.
Bitcoin and several altcoins remain stuck inside their respective ranges while institutional money continues pouring into the space ahead of potential approval of Blackrock’s BTC spot ETF application by US regulators later this summer with retail traders also playing an important role when it comes to pushing prices higher over time too thus making them an important factor going forward too in terms of price action analysis for cryptocurrencies moving forwards into future markets cycles