BITCOIN could CORRECT below $30,000
Bitcoin's momentum to push through resistance around $31,000 seems to be limited, so it might move lower in the next few days and possibly test $28,500-29,000. The main narrative for that potential decline is possibly excessive enthusiasm last week as participants speculated on the effects of BlackRock's planned bitcoin ETF. The most important data coming up to affect BTCUSD are American personal consumption expenditure, the Fed's preferred measure for inflation, and personal income and spending, also from the USA. The main reason that rumours and news of BlackRock's ETF have caused such a stir in crypto markets is that it could track the price much more accurately than current products. BlackRock's proposed product is overall more similar to a spot ETF, allowing the company to buy or sell bitcoins at the end of each day and making its representation of the price more accurate. However, it remains to be seen whether the Securities and Exchange Commission (SEC) will approve. The SEC has consistently rejected similar applications from Grayscale and various others over several years, citing concerns like potential manipulation.
Read EXNESS Broker Review June 29, 2023 at 04:41PM Exness
0 Comments