bitcoin price it has risen significantly, fueled by a massive $25 billion inflow, breaking the resistance level at $31,000.
Europe has emerged as the leader in the race to introduce a spot Bitcoin exchange-traded fund (ETF), while the United States grapples with concerns raised by the Securities and Exchange Commission (SEC).
This development comes amid a surge in consumer confidence, which reached its highest level in almost two years in July, as inflationary pressures eased across several sectors.
Whereas, preliminary data from the University of Michigan consumer sentiment index reveals a reading of 72.6, beating expectations of 65.5 and the June figure of 64.4.
Stronger numbers often have a negative impact on Bitcoin prices, which has led to speculation about the right time to buy Bitcoin.
Europe Leads the Spot Bitcoin ETF Race as the US Deals with SEC Concerns
Investor optimism regarding the approval of a Bitcoin Spot Exchange Traded Fund (ETF) by the Securities and Exchange Commission (SEC) has played a significant role in the recent rise in the value of Bitcoin (BTC).
In Europe, the implementation of the Market Regulation in Crypto Assets (MiCA) has strengthened investor confidence by providing a regulatory framework that provides stability and credibility to the cryptocurrency market. This has attracted a larger number of investors to the market.
Europe recently achieved a major milestone by introducing its own Spot Bitcoin ETFs, making it accessible to more than 31 million cryptocurrency users. This development has further fueled investor optimism and contributed to the upward trend in the value of BTC.
Similarly, there has been an increase in interest in applying for a spot Bitcoin ETF in the United States. Notable companies such as BlackRock, Fidelityand others have shown great enthusiasm in submitting their applications.
Despite facing initial rejections from the SEC, these companies persevered and resubmitted revised or completed applications, hoping for final approval.
The anticipation of SEC approval has sparked investor optimism, which has had a positive impact on the value of BTC. Investors are closely following the progress of spot Bitcoin ETFs in both Europe and the United States.
While Europe has taken a significant step forward with the introduction of its spot Bitcoin ETF, the situation in the United States remains uncertain due to approval challenges.
However, the determination of companies to review and resubmit their applications demonstrates their commitment to bringing ETFs to market.
If the SEC grants approval, it would improve the accessibility and legitimacy of BTC investments, further bolstering investor confidence.
Optimism triggered by the introduction of the Europe Bitcoin Spot ETF continued to support higher BTC value on Friday.
Bitcoin Price Prediction
When examining the technical indicators for Bitcoin, it has faced challenges in breaking above the $31,750 resistance level. The presence of bearish candles closing below this level indicates a decline in bullish sentiment.
Furthermore, the Relative Strength Index (RSI) has entered overbought territory, and the Moving Average Convergence/Divergence Indicator (MACD) shows notable bullish momentum for Bitcoin.
With Bitcoin entering the overbought zone, several investors have chosen to capitalize on their gains, increasing sellers looking to short Bitcoin.
The current support level for Bitcoin is around $31,000. If this level remains intact, there is a possibility of a bullish recovery that could take the price to $31,750.
A successful advance above this level could expose Bitcoin to the next target of $32,300.
However, if the price falls below the $31,000 level, it could lead to further selling pressure, which could push the price lower towards $30,600 or even $32,200.
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