The crypto market has been taking steps toward stability as the top cryptocurrencies have gained momentum. Bitcoin has displayed a massive price action in the past week by gaining over 11%. BTC price had recently failed to break out of the resistance level at $30K, but after struggling to gain momentum, the Bitcoin price has finally managed to break out of the $30,000 mark for the first time since mid-August, indicating a bull power in the market.
In the latest news, BlackRock is working with the SEC to finish the ETF process. This may represent a significant development, especially considering the SEC was not replying. By this, we expect an ETF to be soon approved in the market, resulting in the crypto market igniting a possible bull run in the coming days.
On the other hand, a crypto analyst named Seth has posted an analysis stating that the Bitcoin market has just experienced a short squeeze in its price as the retail investors are trading with small capital and maxing out their leverage, resulting in the price to experience a pump and dump.
JP Morgan further states that they are ready with a full spectrum of solutions for purchasing various assets through the changing market sentiments, which directly indicate toward Bitcoin ETF. Additionally, Powell’s “very dovish” speech on tightening the economic policy may also play a significant role in boosting the adoption of ETFs in the coming days.
The BTC coin experienced a massive price action as the price gained over 5% in value within the last hour. Bitcoin crossed the $30K mark for the first time since mid-August, indicating a bullpower in the market, but the rally was short-lived as the price experienced a plunge in value and dropped below the $30K level again.
Bitcoin price recorded a jump from $28,706.25 to a top of $30,225.45 within two hours, after which the price got rejected and lost momentum, resulting in the BTC price losing its value.
If the bulls hold the price and push back the value above the $29,900 mark, the price will regain a bullish moment and make a run to test the $30,000 today. Further, if the pending ETF approval is concluded, the price is expected to skyrocket and test its yearly high of $31,800.
Additionally, if ETFs are approved, the price will continue to surge and test its $35,000 mark in the coming days.
On the contrary, if the bears come into power and the market experiences another short selling, the price will lose momentum and fall to test its support level at $29,600 soon.
Moreover, if the market fails to hold the price at that level, the price will continue to fall, resulting in the price experiencing a price plunge and the price falling and testing its crucial support level of $28,800 by the month-end.
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