Bitcoin Price Prediction as BTC Bulls Defend the $30,000 Level – When is the Next Leg Up?
The leading cryptocurrency, Bitcoin’s price, is currently at a pivotal juncture as it defends the critical $30,000 level.
Recent developments in the crypto market have added to the anticipation surrounding Bitcoin’s future trajectory.
In breaking news, financial giant Fidelity is reportedly preparing to submit a filing for a spot Bitcoin exchange-traded fund (ETF), potentially opening the doors for broader institutional adoption.
Additionally, the impact of China’s central bank liquidity boost on Bitcoin’s performance remains a topic of interest.
In this Bitcoin price prediction, we will delve into these significant developments and assess their potential influence on the next leg up for Bitcoin.
Fidelity Readies Submission of Spot Bitcoin ETF Application
Fidelity, one of the world’s largest asset management companies, is reportedly preparing to submit its own filing for a spot bitcoin exchange-traded fund (ETF), following in the footsteps of BlackRock and other firms.
This marks Fidelity’s second attempt at launching such a product, with its previous filing being denied by the US Securities and Exchange Commission.
The potential launch of a spot bitcoin ETF is highly anticipated as it would provide investors with an accessible way to gain exposure to the cryptocurrency market.
The involvement of industry giants like Fidelity and BlackRock signals growing institutional confidence in Bitcoin’s long-term prospects.
With its extensive client base and substantial assets under management, Fidelity’s entry into the Bitcoin ETF space carries significant weight.
The Influence of China’s Central Bank Liquidity Boost on Bitcoin’s Performance
The recent announcement of China’s central bank utilizing open market operations to inject additional funds into the financial system has potentially prompted Chinese investors to acquire more Bitcoin, potentially leading to a price surge.
However, the infusion of increased liquidity from China and a shift in investor focus triggered by a contracting manufacturing sector have significantly impacted BTC’s recent performance.
It is crucial to consider that an unexpected rise in lending rates by China could have adverse effects on BTC and potentially generate selling pressure in the market.
Despite this potential risk, the current demand and rally in BTC, supported by Chinese liquidity, have the potential to propel prices to new yearly highs.
Bitcoin is currently priced at $30,616, with a 24-hour trading volume of $16.1 billion.
It has witnessed a slight uptick of less than 2% during this timeframe.
With a live market capitalization of $594 billion, Bitcoin maintains its top position according to CoinMarketCap.
The circulating supply comprises 19,413,237 BTC coins, while the maximum supply is set at 21,000,000 BTC coins.
Bitcoin Price Prediction
BTC/USD is currently encountering significant resistance around the $31,000 mark on the daily chart.
This resistance level, coupled with the presence of neutral candles like doji and spinning tops, suggests a weakening bullish sentiment and buyer exhaustion.
As a result, a minor price correction is anticipated in Bitcoin.
Bitcoin Price Chart – Source: Tradingview
It’s important to highlight that immediate support can be found near the $29,600 level.
A breach below this support level may trigger further downward movement, with the next significant support situated at $28,250, which aligns with the 50-day exponential moving average.
In the event that the price drops below $28,200, the subsequent support is likely to emerge around $26,750.
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