Crypto
Bitcoin Falls Below $30,000 After New High for the Year
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. 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.
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.
If you want to read more about the price of Bitcoin and to find out the most important business news of the day, download for free our companion app Born2Invest.
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.
__
(Featured image by petre_barlea via Pixabay)
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in finanzen.net, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
-
Cannabis2 weeks ago
France Proposes to Classify CBD as a Toxic Substance at European Level
-
Fintech1 week ago
Paybyrd Chooses Mangopay to Optimize its Merchants’ Payment Experience
-
Crowdfunding2 weeks ago
Why the Crowdfunding Sector in France Drops Nearly 25% in 2024
-
Biotech6 days ago
GigaGen Signs $135 Million US Contract for Manufacturing and Testing