Bitcoin Daily Price Range Is Just A Few Hundred Dollars. When Will The Explosion Come?

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Following the surge of ETF proposals sent to the SEC in June 2023, the Bitcoin price recovered from the mid-$20k range, only to get stuck between $30k and $31k.

The coin reached this level around June 26th; ever since it has never left it for more than a few hours. Despite the fact that it has seen smaller fluctuations, its daily price range has only been a few hundred dollars.

For any other asset, this would represent massive volatility. For Bitcoin, however, it is the equivalent of fiat currencies moving up and down by a few cents.

The coin has been trading sideways for about three weeks now, which means that the explosion could happen at any time. Bitcoin never sits still for too long. The only question is — which way will the price go?

The SEC is preparing to reject Bitcoin ETF proposals yet again

BTC has seen both positive and negative news recently. A surge of ETFs made investors optimistic, only for the SEC to break their hopes by rejecting the first wave. Companies led by BlackRock started re-filing their proposals after briefly addressing the issues that the regulator pointed out.

The biggest one was the lack of clarity regarding surveillance of the market, to which several firms responded by partnering with Coinbase to resolve the issue.

While many believed that the SEC would now have no choice but to approve the ETFs, its chairman, Gary Gensler, appears to have cast doubt on the role of Coinbase’s surveillance sharing agreement (SSA).

To us, this is a sign that he might be laying groundwork for potential denial reasonings. Some more goalpost moving maybe… Thats part of reason we aren't higher than 50/50. Always has been the case that SEC will back into whatever they decide to do IMO https://t.co/uI7iD0Wxcg

— James Seyffart (@JSeyff) July 12, 2023

Bloomberg Intelligence’s research analyst, James Seyffart, recently tweeted that Gensler is pouring some cold water on the Coinbase SSA potential for spot Bitcoin ETF approval, which was taken as a sign that the SEC Chair intends to lay the groundwork for another series of ETF rejections.

Europe set to launch its delayed Bitcoin ETF

While the situation regarding Bitcoin ETFs in the US seems hopeless, the situation is different in Europe. Recent reports suggest that Europe is about to see the launch of its first Bitcoin ETF, which was supposed to happen a year ago. However, after a 12-month delay, the ETF is finally ready to launch.

The delay in launch came because Jacobi Asset Management decided that the time was not right. Given that the crypto industry was in the middle of a crypto winter and that prices were crashing throughout the year, the decision is quite understandable.

However, with a price recovery underway, a Bitcoin ETF is finally about to launch at some point this month. Furthermore, this might be the push that Bitcoin price needs to finally breach the $31k resistance, especially after disappointing news from the US.

DoJ is preparing to sell 9,000 BTC

It is also possible that the European Bitcoin ETF could simply help balance the scales again, as another upcoming event from the US might have a negative effect on its price.

Specifically, recent reports suggest that the US Department of Justice (DOJ) is preparing to sell 9,000 BTC, thus boosting the supply of the market.

The assets sat in the two wallets belonging to the DOJ, but they are also linked to the Silk Road crypto seizure. Recently, around $300 million worth of BTC was moved yesterday morning in three separate transactions.

Most of the money was transferred in the second transaction, which contained 8999.908 BTC, worth around $274.78 million. All of this was sent to one of the two addresses, while the second one only received 0.1 BTC, worth $3,053.

The market's reaction to Silk Road BTC FUD has been incredibly strong! Combined with a positive CPI response and Bitcoin staying above 30k, I'm getting a strong feeling that we're on the verge of a breakout from this range. Exciting times ahead! 🚀 #Bitcoin pic.twitter.com/BGtHXSXKcw

— LSD.eth (@LSDinmysoul) July 12, 2023

The DOJ-held Silk Road Bitcoin stash consisted of 51,352 BTC as of March, which was when the government started selling it.

So far, the government sold 9,861 BTC, which left it with another 41,491. At the time of the first sale, the DoJ said that the government is expected the seized BTC to be liquidated in four more batches over the course of this calendar year.

What is next for Bitcoin?

In the past 24 hours, Bitcoin price has dropped from $30,913, after another failed attempt to reach and breach $31k, to $30,282 late on July 12th. After trading sideways for about 12 hours, the coin started another recovery, which led it to $30,572 as of the time of writing.

Fundamental analysis is not providing a clear path for the coin, given a series of positive and negative developments.

On the technical side, however, analysts have noted that Bollinger Bands are tight and that the coin has retested the resistance zone several times already, each time being weaker than the last.

The daily chart does see a bullish rectangle pattern, while on a weekly basis, there is a formation of the cup & handle pattern. There is a lot of uncertainty regarding the BTC price right now, but one thing that is certain is that BTC is going to make its move soon.

ChimpZee presale closing in on $1m raised

Despite the uncertainty that surrounds the crypto industry’s largest assets, investors are not shying away from digital currencies. Some, however, are looking for opportunities in new and emerging cryptos rather than taking a risk with the volatility of the big players.

One popular example is ChimpZee (CHMPZ) — a project that empowers users to positively impact the environment and save both animals and the forests of the world. At the same time, it allows investors to earn income and fight climate change.

The presale is currently in its 7th stage, expected to last 8 more days. The project is selling its native token, CHMPZ, at the price of $0.0007 at the time of writing, and after the current stage ends, its price will jump to $0.000775.

Those interested in purchasing the token can do it in exchange for ETH, USDT, or via credit card. So far, the project raised $830k, and it is closing in on $1 million with every passing day.

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