Recent news looks favorable for cryptos. Indeed, the opinion of a former SEC official that the Bitcoin ETF should be approved is seen as positive for the crypto market. Is the next Bitcoin (BTC) bull run imminent?
Bitcoin (BTC) Prepares for Big Moves
BTC is bracing for some big moves today with the release of the US CPI. This economic indicator will have an impact on the value of this crypto. The forecast points to a favorable figure for the resumption of the Bitcoin (BTC) bull run. Indeed, forecasts show a decrease in the inflation rate to 3.1%. If the CPI comes in lower than expected, BTC could see an explosive rise.
Jay Clayton’s opinion is also in line with this bullish hypothesis. Indeed, according to this former SEC Chairman, Bitcoin ETFs should be approved. If so, Bloomberg analyst Eric Balchunas believes that $30 trillion in funds could be released in the Bitcoin (BTC) market. This would certainly increase the buying pressure on this crypto.
If all the conditions are met, the queen of cryptos could experience a rise of at least 20% again. It is important to remember that the rise in June occurred under similar conditions, i.e. a lower than expected inflation rate and demand for Bitcoin (BTC) ETFs from Blackrock.
Levels to watch
The first level to watch is the Double Bottom at $29,619, as there may be available liquidity (sell stop orders) below this level. There could also be liquidity available below the trendline formed since July 6th. Thus, Bitcoin (BTC) could drop to liquidate orders below these levels before exploding higher.
On the upside, the resistance levels to watch are found at $35,000 and $40,000. Even on the downside, the support at $28,341 should hold Bitcoin (BTC) price down. This level corresponds to the moving average over 200 days.
Admission: $29,619;
Stop: $29,000;
Goal: $35,000.
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