The price of Bitcoin is currently stable around the $29,000 mark, and there are several factors influencing its trajectory. Renowned investor Cathie Wood’s positive remarks have boosted sentiment around BTC.
Just in- Cathie Wood on Bloomberg: SEC may approve multiple Bitcoin ETFs at once.#Bitcoin #BTC #ETF #BitcoinETF #Crypto pic.twitter.com/nt7Ja02ahz
— Top Altcoins (@TopAltcoins_io) August 7, 2023
Additionally, a report by CoinShares reveals a decrease in the shorting of Bitcoin by institutional investors. These developments make the future price of Bitcoin intriguing, and it’s important to monitor critical levels in the coming days.
The upcoming decision by the US Securities and Exchange Commission (SEC) on ARK Invest’s Bitcoin ETF application is also impacting BTC prices. Cathie Wood predicts that the SEC may extend the decision deadline and potentially approve multiple Bitcoin ETFs simultaneously.
The regulatory decisions made regarding ETF approvals from firms like ARK Invest and BlackRock will significantly affect the short-term direction of the cryptocurrency market. The CoinShares report indicates that institutional investors have shifted their approach towards Bitcoin, with no outflows from short Bitcoin products for the first time in fourteen weeks.
Despite recent regulatory scrutiny, lawsuits, and changing market dynamics, some altcoins like Solana, Ripple (XRP), and Litecoin (LTC) are gaining institutional interest. Bitcoin is currently facing resistance levels around $29,100, $29,400, and $29,500, with a bearish trend line at $29,100. If the support at $28,800 is not maintained, negative consequences may follow. However, if Bitcoin surpasses $29,750, it could indicate an upward movement, while a failure to do so may result in a drop towards $29,000, $28,800, or even $28,400.
Source: cryptonews
