Bitcoin Falls Below $30,000 After New High for the Year

Hopes for a Bitcoin ETF approval have sent the price of the largest cryptocurrency by market capitalization to a new annual high of $31,460 today. However, the great euphoria remains absent. Shortly thereafter, the price falls below the psychologically valuable $30,000 mark, which is currently being fought over.

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Bitcoin in 2023

The surge to the new high for the year did not muster enough dynamic to push Bitcoin above the key resistance at $32,000. It was also not the first time a new high for the year was targeted. Already at the beginning of the week, the price of one bitcoin rose to more than $31,300. So the direction is right, but the bulls cannot build up enough pressure yet.

The resistance at $32,000 would be the last important hurdle on the chart to clear the way back up to $35,000 and subsequently even to the $40,000 mark, which could still be reached this year. Last year, the price fell from $40,000 to $27,000 within a few days, and recovered to $32,000, only to fall again to below $18,000 within a very short time. It could go up again similarly quickly after crossing the resistance at $32,000.

The reason for the recent rally is speculation that major financial institutions like Blackrock are unlikely to rest until their Bitcoin ETF applications to the SEC are approved

After an initial rejection of the applications, improvements have already been made, so it should only be a matter of time before there is a draft that the U.S. Securities and Exchange Commission can live with. If this succeeds, investing in the oldest cryptocurrency will become much easier and will also be made possible for those who do not want to know about their own wallets and everything that has been involved so far.

The potential impact on the Bitcoin price and the entire crypto market would be enormous and analysts agree that this could trigger another big bull run. However, it is not likely that this will be implemented in the next few days, this is more a matter of months. Until then, the mood remains bullish, which is also reflected in the altcoins.

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(Featured image by petre_barlea via Pixabay)

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