The global cryptocurrency market is at a crossroads: Bitcoin, the world’s oldest digital currency, is struggling to stay above $29,000. ETH, the native cryptocurrency of the Ethereum blockchain, is also down, grabbing liquidity close to $1,820. Nevertheless, the known analyst and market expert Tom Lee predicts a sharp appreciation of the entire sector.
During the TV interview, Tom Lee confidently assured market participants and observers that the US Securities and Exchange Commission (SEC) approval of the Bitcoin spot ETF could act as a catalyst, driving the price of Bitcoin to levels between $150,000 and $180,000.
The SEC is currently reviewing several spot ETF applications with BTC as the underlying asset. Last week, the Commission decided to postpone the decision on the application submitted by ARK21, which is supported by, among others, the famous Cathie Wood. However, the market is impatiently awaiting decisions primarily on the behemoth TradFi, i.e. the BlackRock capital group, which can pave the way for cryptocurrencies to the goal of noticeable institutional commitment.
Technical Market Outlook:
The BTC/USD pair has hit level of $29,350 during the recent spike down and is hovering around it on H4 time frame chart. This level will act as the technical support as well, because it is an untested breakout level from 21st June 2023 (shown as the sharp blue arrow on chart). Nevertheless, the bears might try to test the next retracement level seen at the level of $29,238 (61% Fibonacci retracement level). The market conditions on the H4 time frame chart are extremely oversold, so a bounce or even a reversal is still on table.
Weekly Pivot Points:
WR3 – $29,987
WR2 – $29,629
WR1 – $29,485
Weekly Pivot – $29,270
WS1 – $29,127
WS2 – $28,912
WS3 – $28,553
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
The material has been provided by InstaForex Company – www.instaforex.com
Crypto Industry News:
The global cryptocurrency market is at a crossroads: Bitcoin, the world’s oldest digital currency, is struggling to stay above $29,000. ETH, the native cryptocurrency of the Ethereum blockchain, is also down, grabbing liquidity close to $1,820. Nevertheless, the known analyst and market expert Tom Lee predicts a sharp appreciation of the entire sector.
During the TV interview, Tom Lee confidently assured market participants and observers that the US Securities and Exchange Commission (SEC) approval of the Bitcoin spot ETF could act as a catalyst, driving the price of Bitcoin to levels between $150,000 and $180,000.
The SEC is currently reviewing several spot ETF applications with BTC as the underlying asset. Last week, the Commission decided to postpone the decision on the application submitted by ARK21, which is supported by, among others, the famous Cathie Wood. However, the market is impatiently awaiting decisions primarily on the behemoth TradFi, i.e. the BlackRock capital group, which can pave the way for cryptocurrencies to the goal of noticeable institutional commitment.
Technical Market Outlook:
The BTC/USD pair has hit level of $29,350 during the recent spike down and is hovering around it on H4 time frame chart. This level will act as the technical support as well, because it is an untested breakout level from 21st June 2023 (shown as the sharp blue arrow on chart). Nevertheless, the bears might try to test the next retracement level seen at the level of $29,238 (61% Fibonacci retracement level). The market conditions on the H4 time frame chart are extremely oversold, so a bounce or even a reversal is still on table.
Weekly Pivot Points:
WR3 – $29,987
WR2 – $29,629
WR1 – $29,485
Weekly Pivot – $29,270
WS1 – $29,127
WS2 – $28,912
WS3 – $28,553
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
The material has been provided by InstaForex Company – www.instaforex.com
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