After the Bitcoin BTC soared to the 35000 mark last week, the rise of Bitcoin has been halted. Prices seem to be in a state of hesitation and range consolidation, but the hope of approval for BlackRock Bitcoin spot ETFs remains supportive
After the Bitcoin BTC soared to the 35000 mark last week, the rise of Bitcoin has been halted. Prices seem to be in a state of hesitation and range consolidation, but the hope of approval for BlackRock Bitcoin spot ETFs remains supportive.
Despite the renewed strength of the US dollar, Bitcoin prices have not significantly declined, highlighting the confidence of bulls. The strengthening of the US dollar has led to a decline in the exchange rates of other currencies, including gold, against the US dollar, but the price of Bitcoin remains firm. Over the past month or so, there has been a significant change in sentiment in the cryptocurrency market. As shown in the figure below, the fear greed index of cryptocurrencies has increased from 48 last month to 66, reaching the "greed" region.
Bitcoin, as the world's largest cryptocurrency, is once again favored by investors, and its rise since the end of 2022 has become one of the most prominent assets in 2023. Moreover, cryptocurrency and blockchain technology are being adopted by mainstream markets. At present, major financial institutions around the world, such as JPMorgan Chase, BNP Paribas, and Santander Bank, have all been involved in blockchain projects.
Many asset management companies and CEOs have confirmed that they have received many inquiries about adding cryptocurrencies to their investment portfolios, reflecting market expectations for cryptocurrency ETFs. At present, this expectation seems to support the price of Bitcoin, so if BlackRock's application for a spot Bitcoin ETF is rejected, Bitcoin prices may plummet. At present, the market tends to believe that the application will be approved. Can this be achieved?
Bitcoin Trend Analysis
From a technical perspective, Bitcoin/USD is currently stuck in the 33300-35300 range.
On Thursday morning, the Federal Reserve announced an exciting interest rate decision, which brought some volatility. However, based on the current strong performance of Bitcoin, scholars are skeptical about whether the hawkish Federal Reserve will lead to a sharp drop in Bitcoin prices. The overnight index rose significantly, but Bitcoin prices remained strong, indicating that the bullish forces remained strong.
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