Bitcoin is holding steady above $30,000, a sign that bulls are taking charge of the market.
Bitcoin is showing strength amidst increased institutional interest and optimism around a Bitcoin spot ETF approval.
Bitcoin (BTC) is going into the weekend with firm support above $30,000. At the time of press, BTC is trading just above $30,800 after a marginal change of less than 1 percent in the last 24 hours. Going into the new month, there’s optimism that the new month will be strong for the world’s largest crypto asset.
Historically, July has been a strong month for Bitcoin. According to some analysts, Bitcoin could possibly break yearly highs in the coming weeks. Data from the last 3 years show that BTC has gained at least 20 percent in July.
In part, the recent uptrend has been attributed to renewed interest from institutional investors. In the last couple of weeks, BlackRock the world’s largest asset management firm has filed for a Bitcoin spot ETF. Fidelity has also joined in this pursuit despite the Securities and Exchange Commission’s (SEC) never having accepted any previous applications. Other major companies that have joined Fidelity and BlackRock include Blackstone, Invesco, and WisdomTree.
As CNF reported Blackrock has a remarkable record with the SEC. Out of the 576 ETF applications by BlackRock, SEC has approved 575 and rejected only one.
These applications are evidence that there’s demand from institutions. It further illustrates a commitment from companies to expose their clients to revolutionary technology by offering services and products related to Bitcoin.
Retail investors are also increasingly seeking Bitcoin after most economists predicted a number of countries including the U.S. will enter recession in 2023. Already, major economies such as Germany have entered a recession in the last couple of months. Economists peg the United Kingdom to be the next country to enter into a recession.
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In addition, the community is beginning to get excited about the upcoming 2024 halving. Predicted to occur on April 2024, this will be a monumental event that could propel Bitcoin to great heights. According to a Changelly prediction, BTC is expected to reach an average price just shy of $57,000.
Will BTC Stay above $30,000?
The current market is well suited for bulls to keep pushing prices higher. However, bears will take solace in the recent regulatory pressure. The U.S. in particular is going after crypto exchanges. The U.S. SEC recently came after Binance and Coinbase.
Analysts believe this is a response to the crash of FTX which exposed the regulatory gaps that led to the loss of investor and customer funds. Although the market has shown resilience, a major regulatory blow could shake Bitcoin and lead to a retest of lower lows.
A $4.7 billion Bitcoin monthly options expiry on June 30 is also set to play a key role in the next moves for the digital asset. It is clear that bulls have been overoptimistic in expecting Bitcoin to reach $32,000 by the end of the month. However, bulls can book a $440 million profit by keeping the BTC above $30,000 in the short term.
Long-term holders are proving resilient with on-chain analytics firm Glassnode showing that Bitcoin last active more than two years ago is at an all-time high. This highlights Bitcoin investors’ confidence in the asset and will help maintain Bitcoin above crucial supports.
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