Cryptocurrency markets are returning to volatile trends as the industry awaits the Securities and Exchange Commission's decision (SECThe ICO is set to decide what a proposed spot Ethereum ETF will look like, sending prices soaring on Monday after analysts revised their expectations for approval to 75% from 25%. bitcoin price It continued its bullish trend above $67,000 last week and rose to $72,000.
Ethereum Support fees were impressive, ranging from $3,000 to over $3,700. Major altcoins also took advantage of the new bullish trend, recouping some of the losses incurred in April and early May.
If the ETF is approved, Ethereum is expected to reach new all-time highs, potentially triggering an altcoin season. The price of Bitcoin is SEC In January, it gave the nod to ETFs.
What will happen to Bitcoin as its price falls?
Bitcoin traded at $67,908 during U.S. business hours on Thursday, gradually declining from a weekly high of $72,000. This sends mixed signals to the market, with some wondering whether the correction will continue to $60,000 or whether the uptrend will resume towards a new high of $80,000.
On the bright side, spot approval is likely Ethereum ETF It could encourage investors to increase their exposure to Bitcoin and major altcoins. Such an event would lead to a surge in momentum that supports an even bigger breakout within the next few days.
After several weeks of continuous leaks, Bitcoin ETF has returned to green, suggesting a positive shift in market sentiment. data from SoSoValue It shows that total daily net inflows on May 22 were $153 million.
BlackRock and Fidelity were the best-performing ETFs with net inflows of $92 million and $75 million, respectively. ARK Invest saw a net inflow of $3 million, while the other ETFs saw zero inflows except for Grayscale. Grayscale is still dealing with outflows, considering the $16 million recorded on Wednesday. However, the size of the outflows has decreased significantly.
Bitcoin Price Analysis: Evaluating the Technical Structure of the Price Drop
Ongoing correction in Bitcoin price The support area is under pressure. As things stand, a correction below $67,000 may occur during the US session. A subsequent pullback in the RSI will reinforce the short-term bearish outlook.
The indicator is currently sitting at 54 from a weekly high of 66, slipping into the neutral zone. This outlook could be interpreted as a reason to short BTC or liquidate open options, resulting in increased selling pressure.
The support area below $67,000 lies between the 20-day exponential moving average (EMA), the downtrend line and the 50-day EMA. If the sellers do not give in, a drop to $60,000 cannot be ruled out yet.
The resumption of the bull trend hinges on the approval of a spot Ethereum ETF, support at $67,000, and the ability to retrace the $72,000 mark. Above this level, bulls could rapidly rally to $80,000, setting a new precedent for a bull run aimed at $100,000 in 2024.
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