Bitcoin Price Prediction As Bears Push BTC Below $30,000 Support: Where Is BTC Headed Next?

The current live bitcoin price It stands at $29,864, reflecting a 24-hour trading volume of $11.2 billion and an increase of less than 1% in the last 24 hours.

As the top-ranked cryptocurrency with a market capitalization of $580.4 billion, Bitcoin is closely watched by investors and traders alike.

Meanwhile, in an interesting development, Global X ETFs, a well-known provider of exchange-traded funds, has joined forces with CoinDesk to seek approval for a new Bitcoin ETF.

As Bitcoin continues its volatile journey, investors are eager to find out where it is headed.

Global X ETFs partners with CoinDesk to seek approval for new Bitcoin ETF

The Global X Bitcoin Trend Strategy ETF, this fund will be designed to track BTC futures contracts and the CoinDesk BTC trend indicator index. The index uses a proprietary signal that assesses the strength and direction of Bitcoin’s price movements.

According to Bloomberg ETF analyst James Seyffart, this application is likely to be accepted as it is not a spot Bitcoin ETF application.

He expressed confidence that the ETF will go through the same approval process as those that have been approved before.

Seyffart believes approval is all but certain, with the only potential hurdle if the SEC forces all previously approved BTC futures ETFs to delist.

The introduction of the Global Trend X Bitcoin Strategy ETFScheduled for October 2024, it is contingent on receipt of regulatory approval.

The possible approval and launch of a Bitcoin ETF such as the Global X Bitcoin Trend Strategy ETF may have significant implications for the price of Bitcoin.

Bitcoin Price Prediction

From a technical point of view, Bitcoin is trading slightly above a significant support level of $29,550, which has been reinforced by a triple bottom pattern visible on the four-hour time frame.

Additionally, the 50-day exponential moving average acts as a resistance level at approximately $29,995, a psychologically important mark just below $30,000.

Taking these factors into account, Bitcoin is likely to remain bearish below $30,000. If the cryptocurrency sees a bearish advance below $29,500, it may face further downward pressure, with the next potential support level at $28,900.

Bitcoin Price Chart – Source: Tradingview

On the other hand, failure to break below $29,500 could trigger a bullish bounce, which could take the price to $30,000 initially and even break above $30,500 on a bullish crossover.

It is crucial to monitor the $29,500 level closely, as it may present a buying opportunity if the price moves above it.

Conversely, a break below this level could initiate short positions. Furthermore, an increase in demand for Bitcoin, resulting in a break above $30,450, could drive the price towards the next resistance level of $31,200.

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