Recent news looks favorable for cryptos. In fact, a former SEC official’s opinion that the Bitcoin ETF should be approved is seen as a positive for the crypto market. Is the next Bitcoin (BTC) bull about to happen?
Bitcoin (BTC) Prepares for Big Moves
BTC is gearing up for some big moves today with the US CPI release. This economic indicator will affect the value of this crypto. The forecast shows a favorable figure for the resumption of the Bitcoin (BTC) bull run. In fact, forecasts show a reduction in the inflation rate to 3.1%. If the CPI comes in lower than expected, BTC could see an explosive rise.
Jay Clayton’s opinion is also in line with this bullish hypothesis. In fact, according to this former SEC Chairman, Bitcoin ETFs should be allowed. If so, Bloomberg analyst Eric Balchunas estimates that $30 trillion in funds could be unlocked in the Bitcoin (BTC) market. This would definitely increase the buying pressure on this crypto.
If all the conditions are met, the crypto queen could have a rise of at least 20% again. It is important to remember that the rise in June occurred under similar conditions, ie a lower than expected inflation rate and demand for Bitcoin (BTC) ETFs from Blackrock.
Levels to watch
The first level to watch is the Double Bottom at $29,619, as liquidity (stop sell orders) may be available below this level. Liquidity may also be available below the trendline formed since July 6. Therefore, Bitcoin (BTC) could fall to liquidate orders below these levels before exploding higher.
On the other side, the resistance levels are found to watch at $35,000 and $40,000. Even on the downside, the support at $28,341 should keep the price of Bitcoin (BTC) down. This level corresponds to the moving average over 200 days.
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I am passionate about cryptocurrencies, a world I discovered barely 3 years ago. My only goal is to inform you about this incredible universe through my articles.
The views and opinions expressed in this article are the sole responsibility of the author, and should not be considered investment advice. Do your own research before making any investment decision.