Bitcoin Price Holds Steady At $30,300. What Can Take It Back To $32,000 Today?

Join Our Telegram channel to stay up to date on breaking news coverage

Bitcoin (BTC) price remains stable at $30,300 as investors exercise caution amid mixed market sentiment. Specifically, hype from the recent Exchange Traded Fund (ETF) mania that drove Bitcoin price to levels above $31,000 is dissipating.

JP Morgan analysts have expressed skepticism regarding the transformative effects of Bitcoin ETFs while Justin Sun’s statements have generated speculation of a potential price surge.

JP Morgan Analysts Doubt Transformative Impact of Spot Bitcoin ETFs

Despite the discussions and applications for iShares funds, JP Morgan analysts have cast doubt on the transformative impact of a spot Bitcoin ETF on the crypto markets.

In a recent report, analysts expressed skepticism about the potential approval of physically backed Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC).

According to analysts, the introduction of spot Bitcoin ETFs is unlikely to attract considerable investor interest.

This product has been available in Canada and Europe for some time. However, the analysts point out that even existing Bitcoin funds, including those based on futures, have failed to generate substantial institutional interest.

The research goes back to the second quarter (Q2) of 2021. This lack of interest has persisted despite investor outflows from gold ETFs over the past year.

https://twitter.com/Martin_Auge_/status/1677790612316209153

The skepticism from JP Morgan comes in the wake of reports that the SEC has deemed some ETF applications as “inadequate.”

However, several companies, including Fidelity, Vaneck, Invesco, Wisdomtree, and Blackrock, have resubmitted their filings, with Coinbase named as the partner for the surveillance-sharing agreement. Valkyrie also refiled their application recently.

While the ETF frenzy continues to generate attention, JP Morgan analysts suggest that the approval of spot Bitcoin ETFs may not be the game-changing event some anticipate for the cryptocurrency markets.

https://twitter.com/NewsGagarin/status/1677268911987777536

Despite JP Morgan’s pessimistic report about the transformative effects of Spot Bitcoin ETF, Volatility Shares’s co-founder, Justin Sun, is optimistic about its approval in the coming months.

Justin Young’s Statements on Bitcoin ETFs Spark Price Surge Speculation

Renowned cryptocurrency analyst Justin Young’s recent statements could trigger a surge in Bitcoin prices soon. Young, co-founder and president of Volatility Shares, stated that investors seeking exposure to Bitcoin are looking for the “easiest and most regulated way” to invest. He believes an ETF could provide the most effective solution.

He says,

Volatility Shares Co-Founder: Spot ETFs may be the most efficient way to go. According to Golden Finance, Justin Young, co-founder and president of Volatility Shares, says investors looking to invest in Bitcoin are looking for “the easiest, most regulated way” to do so. To that end, spot ETFs may be the most efficient way. This is the best option for investors regarding these applications from ETF issuers.

BlackRock’s application for a spot ETF, followed by other major players like Fidelity and Invesco, has already driven Bitcoin to its highest levels in over a year. Although previous spot ETF applications faced SEC challenges due to risk concerns, Young sees potential opportunities.

The recent approval of Volatility Shares’ leveraged futures Bitcoin ETF has raised hopes for a spot ETF approval.

https://twitter.com/DegenerateNews/status/1672283954110664704

Young suggests that if the SEC allowed a leveraged Bitcoin-linked product, why not a spot Bitcoin ETF? This has generated market optimism and fueled expectations for approval.

An ETF offers exposure to securities without direct ownership. Young’s statements highlight the benefits of a Bitcoin spot ETF, sought since the Winklevoss twins’ 2013 application.

The market sentiment regarding Bitcoin Spot ETFs has been mixed, with varying opinions and uncertainty about their potential approval. This uncertainty has resulted in a rangebound movement in BTC prices. Investors and traders are cautious and hesitant as they await further clarity and regulatory decisions regarding the spot ETFs.

Bitcoin Price Analysis

A look at the four-hour chart for BTC/USD trading pair indicates that Bitcoin price has been hovering near the $30,300 level for some time. At the time of writing, the king of crypto is auctioning at $30,376, a daily gain of around 0.27%.

The cryptocurrency currently trades below the 50 Exponential Moving Average (EMA), suggesting a bearish trend. However, the MACD shows positive histograms above the zero line, which suggests the possibility of some upward momentum in prices. Nonetheless, this would require a significant catalyst.

The presence of Parabolic SAR dots above the prices confirms the prevailing bearish trend in the market. Nevertheless, if the price breaks above the 50 EMA and the SAR value of $30,435, it could indicate a potential reversal and pave the way for fresh gains.

The first resistance level to watch for would be $30,770, and a break above this level would likely trigger the next resistance at $31,556.

Ultimately, reaching the psychological level of 32,000 would require a concerted effort from Bitcoin bulls to push prices above the SAR value and reverse the current trend.

The closing of a candle above the EMA line would confirm a trend reversal, at which point reaching the $32,000 level would become more achievable.

Mixed signals in the BTC market might make investors cautious. For alternatives with straightforward prospects, consider DLANCE.

Bitcoin Alternative

DeeLance is a unique project serving to link freelancers and recruiters. It comes at the most timely moment when the freelance industry is transitioning, bringing forth a decentralized approach to meet users where freelancing and recruiting intersect. To do so, it leverages the power of blockchain technology.

https://twitter.com/deelance_com/status/1678012151594733569

Presenting one of the most transformative ways for collaboration, this decentralized hiring platform helps employers tap from the most prolific talent base. It boasts a remarkable blockchain integration that ensures employers and freelancers enjoy transparency, security, cost efficiency, and an effective working relationship.

The DeeLance project is still in the presale stage, meaning interested investors looking to buy DLANCE at discounted rates still have time. Currently, the token is auctioning at $0.043, but this only stands for the next six days, when the price will go up by $0.005.

Visit DeeLance here