Enthusiasm for ETFs wanes as market dynamics change
He bitcoin price It is currently trading at $30,196, which is down almost 0.50% on Monday.
After a period of excitement surrounding the possible approval of Bitcoin exchange-traded funds (ETFs), market sentiment has turned, causing the price of Bitcoin to drop.
Investors and traders are now closely monitoring the changing dynamics in the Bitcoin market and adjusting their predictions accordingly.
In this Bitcoin price prediction, we will delve into the factors that influence the Bitcoin price and provide a forecast of its future direction.
Bitcoin Price Falls Amid Rise in ETF Applications and JPMorgan Analysis
Bitcoin declined during the first Asian trading session on Monday, though it managed to hold above the crucial $30,000 support level.
the increase in Bitcoin Exchange Traded Fund (ETF) The applications in the United States, which many hoped would be a game changer, may not have the anticipated impact, according to a recent analysis by JPMorgan.
This has resulted in declining confidence around ongoing Bitcoin ETF applications from prominent Wall Street firms like BlackRock.
Despite the recent wave of ETF applications in the cryptocurrency market, JP Morgan analysis suggests this confidence may not be sustainable.
The report highlights that similar products in Canada and Europe have only attracted a limited number of clients, casting doubt on the long-term prospects of Bitcoin ETFs.
However, despite the emerging uncertainty, Bitcoin whales, referring to large cryptocurrency holders, remain bullish.
Sentiment, a blockchain data tracker, reported on Sunday that addresses containing between 10 and 10,000 Bitcoins have accumulated an additional 71,000 Bitcoins since July 17, which is equivalent to nearly $2.15 billion.
JPMorgan’s analysis appears to have had a negative impact on Bitcoin prices during the trading session on Monday.
Robert F. Kennedy, Presidential Candidate, Reveals Bitcoin Ownership
Democratic presidential candidate Robert F. Kennedy Jr. has revealed that he owns Bitcoin in an account valued between $100,001 and $250,000, according to a financial statement obtained by CNBC.
This comes as a surprise as Kennedy had previously stated that he was not an investor in Bitcoin and that his wife was the owner.
Kennedy’s campaign manager, Democratic Rep. Dennis Kucinich, clarified that there was no conflict of interest and that the transaction came after Kennedy expressed positive views on Bitcoin in Miami.
Kennedy has been a vocal Bitcoin supporter among Democratic candidates and his campaign has announced that it will accept Bitcoin contributions.
He has garnered support from prominent figures in the Bitcoin community, including The block’s chief executive, Jack Dorseywho recently predicted that Kennedy could upset Florida Governor Ron DeSantis or Donald Trump in the general election.
However, a recent study indicated that in the Democratic presidential primary, 65% of those polled preferred President Joe Biden over John F. Kennedy, and only 14% favored Kennedy.
News of Kennedy’s Bitcoin ownership helped mitigate some losses for the BTC/USD pair.
Bitcoin Price Prediction
On Monday, the leading cryptocurrency Bitcoin is trading sideways within a tight range, with an upper bound around the $30,500 level and a lower bound around the $30,000 level.
The 4-hour time frame reveals that Bitcoin is finding significant resistance near the $30,500 level, which is reinforced by the presence of a double top pattern and the 50-day exponential moving average.
Conversely, the $30,000 support level is supported by a strong trend line, which is expected to restrain Bitcoin’s downward momentum.
However, a decisive break below this level could push the price towards $29,700.
A further move below $29,700 can take to the next support level at $29,250 and potentially even lower at $29,000.
On the other hand, a bullish break above the $30,500 level can potentially push the price of Bitcoin towards $31,000 or even $31,350.
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