If the price successfully crosses the level of $28730, it is possible to test the recent high of $29400. According to CoinMarketCap data, the trading price of BTC is $28392, which has decreased by 0
If the price successfully crosses the level of $28730, it is possible to test the recent high of $29400. According to CoinMarketCap data, the trading price of BTC is $28392, which has decreased by 0.13% in the past 24 hours. For most of 2023, the approval of spot Bitcoin ETFs has been the focus of the cryptocurrency industry. When traditional financial giants revealed their intentions to the US SEC, the market was shocked.
Mike Novogratz, CEO of Galaxy Digital Holdings, predicts that spot Bitcoin ETFs will receive approval from the US SEC this year. Novogratz stated in an interview with CNBC that he is satisfied with this prediction.
Novogratz emphasized that the grayscale defeat of the institution's court proceedings is the most critical factor in obtaining approval soon. In addition, the interest rate decision is expected to be made on November 1st, so everyone's attention is focused on this day.
Most market participants do not expect interest rates to change. However, the statement that interest rates may rise again has raised concerns.
According to CoinMarketCap data, as of the time of writing, the trading price of Bitcoin was $28392, a decrease of 0.13% in the past 24 hours. In addition, transaction volume decreased by 21.20%.
The upward momentum initially came from the false news of the approval of physical Bitcoin ETFs, driving prices all the way to the $29400 level. However, once the truth is exposed, the price drops back to the level of $28350. If the price successfully breaks through the $28730 level, it may challenge the recent high of $29400 and face a resistance zone of $30500 after breaking through.
On the contrary, if the price falls below the support level of $27700, it may fall to the $27100 mark. If further decline occurs, it will result in a price test of $26600.
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