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- Bitcoin price resumed its climb towards a likely $45,000 target, amidst positive developments in Spot Bitcoin ETF applications.
- BlackRock filed an S-1 amendment, a registration statement that the SEC requires issuers to file ahead of new securities offers.
- Bitcoin traders showed signs of fear according to on-chain analysts, aiding BTC price recovery early in the week.
Bitcoin price rally to $45,000 is likely with the recent updates in Spot Bitcoin ETF applications. The anticipation surrounding Spot Bitcoin ETF has increased as BlackRock amended its application, filing a registration statement ahead of the new product offering.
BTC price is $42,965 on Binance, as Bitcoin recovers from a slump early on Tuesday.
Daily Digest Market Movers: Bitcoin price rebounds after smaller wallets distribute their holdings to large wallets
- On-chain analysts at Santiment note that crypto market prices rally in response to fearful traders or fatigue among market participants. Analysts observed fatigue kicking in on Friday, with a negative tone towards BTC. This was followed by a rebound in Bitcoin prices and BTC climbed towards $43,000, early on Tuesday.
- Bitcoin rebound amidst market fatigue. Source: Santiment
- Analysts noted that BTC changed hands from smaller wallets to larger wallets, driving the Bitcoin price increase and pushing the asset to $43,200.
- Bloomberg ETF analyst James Seyffart updated crypto market participants on the S-1 amendment filed by BlackRock for their spot Bitcoin ETF.
- Form S-1 is a registration statement required by the US Securities and Exchange Commission (SEC) for filing an order to publicly offer new securities products.
- Analyst Seyffart notes that BlackRock caved in to the US SEC’s demand for cash creation ETF product, rather than in-kind creations and redemptions.
Technical Analysis: Bitcoin price eyes $45,000 target
Bitcoin price rallied to $43,500, the highest level seen on Tuesday, post its weekend recovery. The asset is likely to climb towards the Fair Value Gap between $44,730 and $45,369. Once the gap is filled, Bitcoin price is expected to witness another pullback or correction in its price. $45,000 is a key psychological level for Bitcoin price.
BTC price is above its three long-term Exponential Moving Averages (EMAs) at 10,50 and 200-days.
BTC/USDT 1-day chart
A daily candlestick close below $42,331 could invalidate the bullish thesis for Bitcoin price.
Crypto ETF FAQs
An Exchange-Traded Fund (ETF) is an investment vehicle or an index that tracks the price of an underlying asset. ETFs can not only track a single asset, but a group of assets and sectors. For example, a Bitcoin ETF tracks Bitcoin’s price. ETF is a tool used by investors to gain exposure to a certain asset.
Yes. The first Bitcoin futures ETF in the US was approved by the US Securities & Exchange Commission in October 2021. A total of seven Bitcoin futures ETFs have been approved, with more than 20 still waiting for the regulator’s permission. The SEC says that the cryptocurrency industry is new and subject to manipulation, which is why it has been delaying crypto-related futures ETFs for the last few years.
Bitcoin spot ETF has been approved outside the US, but the SEC is yet to approve one in the country. After BlackRock filed for a Bitcoin spot ETF on June 15, the interest surrounding crypto ETFs has been renewed. Grayscale – whose application for a Bitcoin spot ETF was initially rejected by the SEC – got a victory in court, forcing the US regulator to review its proposal again. The SEC’s loss in this lawsuit has fueled hopes that a Bitcoin spot ETF might be approved by the end of the year.
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