What’s Next For Bitcoin Price? Bulls Aren’t Running Out Of Steam Yet

After Bitcoin reached a caller yearly precocious astatine $31,413, the bargain broadside has truthful acold failed to initiate a trend-following determination north. Although the bulls fended disconnected a sell-off past Friday successful the aftermath of the SEC’s perceived concerns implicit a Bitcoin spot ETF approval, the momentum seems to beryllium progressively flattening, oregon isn’t it?

What’s Next For The Bitcoin Price?

As the marketplace awaits an support from the Security and Exchange Commission (SEC) regarding a spot Bitcoin exchange-traded money (ETF), investors are seemingly exercising caution. While unfastened involvement successful the Bitcoin futures marketplace continues to rise, enactment successful the spot marketplace has precocious declined.

This displacement indicates that terms enactment successful caller days has been chiefly influenced by futures traders. Analyst @52Skew noted connected Twitter, “$BTC Spot CVDs & Delta: Quite a spot of spot inactive being dumped connected the marketplace + nary bounds chasing contiguous from coinbase buyers. Spot bid liquidity $30.5K.”

This reflection underscores the reluctance of investors successful the spot marketplace who whitethorn beryllium waiting for a decisive determination by the SEC. However, it should beryllium noted that US markets were closed yesterday for the 4th of July holiday. Most recently, immense spot buying measurement came from Coinbase, pushing the marketplace up. So contiguous volition beryllium absorbing to ticker if yesterday’s retracement is bought contiguous by US investors.

Bitcoin dominance, which had risen to absorption astatine 52.15%, has present consolidated somewhat, dropping to 51.25%. This consolidation, combined with the introduction of investors into the altcoin sector, reinforces the prevailing wait-and-see cognition among investors.

Analyzing the Bitcoin price, it is wide that the marketplace is presently facing beardown absorption successful the $31,300 to $31,416 range. The enactment country astatine $30,700 is presently proving to beryllium a captious people to watch. Holding supra this enactment could springiness buyers the accidental to motorboat a renewed offense.

Bitcoin price, 2-hour illustration | Source: BTCUSD connected TradingView.com

If the Bitcoin terms tin interruption retired dynamically supra the year-to-date high, the adjacent large illustration hurdle awaits astatine $32,500. Yet, a impermanent retracement to the enactment country astatine $29,800 could beryllium acceptable to summation momentum for the adjacent breakout attempt.

So far, the bears person lacked follow-through. The merchantability broadside besides failed successful its effort to merchantability disconnected the BTC terms successful the higher clip frames backmost beneath the psychologically important $30,000 level successful caller days. The extremity of the bears indispensable beryllium to propulsion Bitcoin permanently beneath $29,800.

Experts Remain Bullish For Now

Renowned expert Josh Rager believes the pullbacks won’t beryllium arsenic heavy arsenic galore experts expect, suggesting that ETF approval, peculiarly from BlackRock, is simply a existent possibility. He says, “Only an ETF rejection tin origin pain, but I deliberation BlackRock volition beryllium approved this time,” adding:

The $24k, past up sentiment seems to beryllium rather popular. I deliberation radical are overthinking it. Similar was said astir Bitcoin needing to expanse $20k first. IMO, pullbacks won’t beryllium this heavy present and if we negociate to spot $25k again it won’t beryllium until aboriginal connected successful the twelvemonth aft much upside earlier so.

Similarly, NewsBTC pb expert Tony “The Bull” believes successful the bullish lawsuit for BTC successful the adjacent term. However, helium stresses the value of Bitcoin’s Relative Strength Index (RSI) entering overbought territory, arsenic a nonaccomplishment to bash truthful could indicate a deficiency of beardown upside momentum:

I privation to spot Bitcoin RSI propulsion into overbought conditions by week end, oregon other I interest that this isn’t an impulse yet. We person a doji connected the weekly, which signals indecision. We request to spot travel done this week, oregon much correction becomes much probable w/ imaginable carnivore div.

Featured representation from iStock, illustration from TradingView.com