Bitcoin price although stuck in a narrow range between $29,000 and $30,000, reveals a bullish setup ahead of the Securities and Exchange Commission’s (SEC) decision on an exchange-traded fund (ETF) proposal.
The most prominent crypto trading at $29,400 on Friday, is down 0.5% and with a $11 billion in trading volume. Bitcoin boasts $572 billion in market capitalization and market dominance which has remained relatively flat at around 46.78% in the last 30 days.
What To Expect Ahead of Ark Invest Bitcoin ETF Deadline
The race for a spot Bitcoin ETF has continued to heat up, attracting global multinationals like Blackrock and Fidelity Investments. Contrary to expectations, Bitcoin price has remained depressed, starting with the upper range resistance at $32,000 and recently within a narrow channel between $29,000 and $30,000.
Although the surge in spot Bitcoin ETF proposals did not impact Bitcoin price, investors are waiting to see if the SEC’s decision to approve or reject them would result in a shift in the crypto market trend.
That said, the SEC is facing the second deadline on the proposal by ARK Invest following the initial delay. According to the firm’s founder Cathie Wood, further delay is highly likely with the SEC’s evaluation window ending on August 13.
Wood believes that if the SEC approves a spot Bitcoin ETF, there is a higher probability of making numerous approvals simultaneously.
The Bitcoin ETF application from ARK Invest and 21Shares is currently leading the pack of eight proposals under consideration by the regulatory authority.
Heads up, bitcoin ETF news tomorrow. A delay is almost a certainty and likely fully priced in. If by any chance the SEC approves or rejects the ARK ETF, prices will run and not look back. https://t.co/SXuIWcX7nd
— Alex Krüger (@krugermacro) August 11, 2023
Bitcoin Bulls Mull Breakout Above $30k
Bitcoin price upholds support above $29,000 but still falls short of resistance at $30,000, with attributes to the selling pressure at $29,445, highlighted by the 200-day Exponential Moving Average (EMA).
For now, it remains unknown what it will take for Bitcoin price to ascend above $30,000, considering the signal from the Moving Average Convergence Divergence (MACD) indicator. In other words, investors must be deliberate about buying BTC with the anticipation of a rally to $32,000.
Reinforcing the bullish outlook is the SuperTrend indicator, which overlays the chart gauging market volatility with the help of readings from the average true range (ATR).
The index has this week flipped below BTC, imploring investors to consider filling their bags ahead of the impending breakout.
$BTC Upward trend Continues with a Breakout from a Falling Wedge and ongoing Retest.
A Successful retest could lead to a bullish run towards 33k.
— Captain Faibik (@CryptoFaibik) August 11, 2023
Traders seeking medium to long-term exposure to Bitcoin may want to wait until the price breaks and holds sustainably above the upper descending trendline. Such a move would mean that the ongoing downtrend has come to an end and that Bitcoin price is poised to rally not just to $32,000 but toward $40,000.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.