Bitcoin Has Late-Day Surge To $31,800 As Crypto King Seeks To Recoup Its Crown

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Bitcoin (BTC) price finally managed to break the $31k resistance, and climb all the way up to $31.75k late on July 14th. While the coin’s surge was welcomed by traders and investors, its market dominance weakened under 50% once again.

Bitcoin dominance drops to under 50%

Bitcoin dominance has taken a tumble recently, causing many traders and investors to celebrate the arrival of the “alt season.” The coin finally managed to see its market dominance climb above 50% only a few weeks earlier. However, in light of Ripple’s partial victory against the SEC in a two-and-a-half-year-old lawsuit, Bitcoin’s dominance dropped to 39.76%.

XRP declared not a security.

Bitcoin dominance: pic.twitter.com/veZDJTHQlu

— Will (@WClementeIII) July 13, 2023

Despite this, the coin’s price joined the XRP-led surge, which allowed it to finally break the resistance at $31k after being trapped between this level and a support at $30k for nearly a full month.

ALTCOIN SEASON

— The Moon (@TheMoonCarl) July 13, 2023

Of course, Bitcoin has ventured beyond $31k in brief instances in the past few weeks, although its price always returned between the two mentioned levels. This time might be no different. However, for the time being, the coin is managing to maintain its price above $31,000.

Following yesterday’s surge to $31.75k, BTC corrected to $31.1k, only to make another attempt at growth, which allowed it to reach $31.5k. After trying to breach the smaller resistance for over 9 hours, the coin corrected again, this time finding a support at $31.2k, which is where it sits at the time of writing.

Australia sees its first Spot Bitcoin ETF filing

One positive news for Bitcoin came from Australia, which recently adopted new regulatory guidelines for digital assets.

Following the new crypto laws, the country also saw its first spot Bitcoin ETF filing with the Australian Securities Exchange (ASX).

The filing came from a BTC-focused asset manager, Monochrome, in partnership with Vasco Trustees. It was announced earlier today and represents the first-ever filing for a Bitcoin ETF in Australia.

Furthermore, it comes about a year after Casco Trustees received a license to operate a crypto spot ETF in the country.

🚨 BITCOIN ETF UPDATES 🚨

EUROPE’S FIRST SPOT BITCOIN ETF
TO BE LISTED SOON

AUSTRALIA'S FIRST SPOT BITCOIN
ETF APPLICATION FILED WITH
REGULATORS

US SEC ACKNOWLEDGES BITWISE'S
SPOT BITCOIN ETF REFILING

— Ash Crypto (@Ashcryptoreal) July 14, 2023

US SEC acknowledges Bitwise’s spot Bitcoin ETF refiling

Another big Bitcoin ETF-related news came from the US, as the US SEC officially acknowledged Bitwise’s spot Bitcoin application.

Bitwise is a digital asset manager from San Francisco, which filed for a Bitcoin ETF back in October 2021. However, the company then amended and refiled the application earlier this year, on June 28th.

The SEC decided to accept it, issuing a notice saying,

Notice of filing of a proposed rule change to list and trade shares of the Bitwise bitcoin ETP Trust under the New York Stock Exchange ARCA Rule 8.201-E, commodity-based trust shares.

Regarding the refiling, Bitwise’s Chief Investment Officer Matthew Hogan said,

You have to listen when Blackrock comes to the market, because they’re the largest ETF issuer in the world, they are very careful and connected.

In other words, the company recognized that now is the right time if giants among asset managers are making their move.

What is next for Bitcoin?

Despite a recent mix of positive and negative moves, Bitcoin’s recent behavior remains bullish. The question is: For how long?

According to analysts, the coin’s 4-hour chart has seen the formation of a bearish divergence over the last several days. This is a pattern where the price continues to form higher highs, but the RSI indicator forms lower highs.

This indicates that the selling pressure is on the rise while the bulls are getting weaker, even though the price action may seem optimistic. If this continues, analysts expect a strong downturn.

Bitcoin’s only chance at staying where it is or heading further up would be if the RSI breaks the resistance and continues to climb alongside the price.

In other words, BTC prices could see a huge change in trend over the next few days, so traders are recommended to be careful and keep a close eye on the indicators and price behavior.

A new presale attracts investors’ gaze

With uncertainty still surrounding Bitcoin, many investors have been looking for alternative opportunities in the crypto market. One of the most popular things to do is to purchase cryptos during their presale before they start suffering from volatility.

While many tokens are on sale right now, investors are starting to pay more and more attention to a token that emerged earlier this week — Mr. Hankey (HANKEY).

This has been one of the most successful ICOs, and according to the project’s recent Twitter update, the presale is already done, with all the tokens being sold out within days. The tokens were sold at a price of $0.00125.

Not to dump on anyones parade, but the $Hankey presale is officially sold out!

💩 Congrats to the new sh!theads out there. For the rest, the next stop is network launch!

Stay tuned for info on when we will launch this 📷 #presale #soldout #memecoin #ERC20 pic.twitter.com/Rv1p1NVSRw

— Mr Hankey (@MrHankeythecoin) July 14, 2023

Mr. Hankey calls itself the “number 1 shit coin because not all coins are meant to shine.” It is a project that welcomes users to the “cheeky side of the crypto world,” intending to bring a whole new meaning to the phrase “dirty money.”

The new meme coin has a total supply of 1 billion tokens. 5% (50 million) went to the CEX, and another 5% went to the project’s team.

10% (100 million) was used for marketing, while 40% (400 million) was used for liquidity purposes. The remaining 40% was sold to investors, who bought it in record time.

Smog (SMOG) - Meme Coin With Rewards

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