Bitcoin ETFs Charm Makes BTC Price Holds $30,000 Level

Bitcoin ETFs Charm Makes BTC Price Holds $30,000 Level
Bitcoin and various other cryptocurrencies experienced a decline on Monday as traders assessed the market following a notable rally in the sector last week. 

Over the past 24 hours, Bitcoin has observed a 1.05% decline, with its price settling at $30,337. Despite recent developments in Russia, the largest cryptocurrency displayed a subdued response in trading over the weekend. After reaching a 12-month high on Friday, Bitcoin managed to maintain its position above the $30,000 mark.

The future trajectory of cryptocurrency prices appears to hinge on regulatory developments in the United States. The sector's immediate prospects are closely tied to the evaluation of applications for the first exchange-traded funds (ETFs) that involve Bitcoin, conducted by the Securities and Exchange Commission (SEC). These regulatory decisions will play a crucial role in shaping the direction of the cryptocurrency market.

According to Javier Molina, a market analyst at eToro, the key technical range of $25,000 to $31,000 is currently facing downward pressure. In a research note, Molina highlighted that if the price manages to surpass the $31,000 level, it would indicate immediate bullish momentum with a target set at $36,000. 

However, if the resistance at $31,000 holds, the support levels to monitor are $28,000 followed by $26,500. These levels will be crucial in determining the next potential moves in the market.

Recently Bitcoin ETF,  specially spot Bitcoin ETF has become talk of the town. With BlackRock filing for one with the Securities and Exchange Commission (SEC), there have been a number of financial products since then.

Prominent traditional finance (TradFi) players like WisdomTree, Invesco, Fidelity Investments, Valkyrie Funds, etc. reportedly filed for or were preparing to file for a spot Bitcoin ETF with the SEC. However, the US financial regulator is yet to approve one.

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