Bitcoin crypto price is attempting new levels, which might see the apex cryptocurrency start a bullish trend to $31k. After failing to get past the $31k level, Bitcoin dropped in price and corrected many of its gains. It is back again and is targeting a new support level which will be significant for its future price increase.
What is Happening to Bitcoin?
The cryptocurrency market is at a critical turning point based on the current Bitcoin movement. The direction of the movement could determine the next steps for the market. A positive movement would positively impact the market, while a negative one would have the opposite effect.
Bitcoin recently reached over $31k but was unable to maintain that level. If it managed to surpass the support level of $31,800, it could potentially increase the cryptocurrency's price to over $32k.
Since it failed to reach this level, there has been a sharp decline, and the token has reduced drastically. Bitcoin's crypto price went below the $31k range and even below $30k. It eventually recorded a low of $29,950 before it started consolidating losses.
As of now, the BTC price is less than $30,300, and the outlook for the cryptocurrency is not optimistic. Despite the current state of Bitcoin, there is still a possibility that it may experience another surge that could drive it above $31k. Nevertheless, just as there is potential for a bullish trend, there are even greater chances of a bearish one.
Bitcoin has already failed to clear the $30,300 support level, making the situation bad. Failing to hold on and clear this support level creates a massive chance of Bitcoin going below $30k. Since Bitcoin has been unable to keep this level, the next potential level in which the crypto will see itself is the $29,350 support level. Whichever the case, Bitcoin will be trusting on many factors for a comeback. One is the success of the new Blackrock Bitcoin spot ETF which has created massive speculations in the crypto industry.
Will Blackrock ETF Application Change Bitcoin Price Dynamics?
The next Bitcoin news which has taken the industry by storm is the spot Bitcoin ETF application that Blackrock submitted. There are huge expectations of what will happen when the appropriate authorities approve this application. One of the speculations is what will happen to Bitcoin price assuming the spot ETF application is approved.
Well, one of the latest reports about the spot ETF application by Blackrock is that the Securities and Exchange Commission has officially received it. What happens next is that it will undergo a 21-day review process, after which the SEC will tell if they accept the Bitcoin spot ETF application or not. The Blackrock application is very important, as it will serve as a turning point, assuming it is approved by the SEC. Many other investment companies had previously written applications seeking the approval of their Bitcoin spot ETFs. But they have been denied severally by the SEC.
Blackrock had chosen mid-June to submit their Bitcoin spot ETF application. In mid-June, the crypto industry faced some difficulties with the SEC, as seen with the charges facing Binance and Coinbase. However, the Bitcoin spot ETF getting the approval of the SEC might be the only boost needed by Bitcoin and the whole crypto industry to reach new levels.