BTC/USD PRICE OUTLOOK: CATHIE WOOD’S ARK FILES FOR BITCOIN ETF APPROVAL
- Bitcoin proponent and ARK Make investments founder Cathie Wooden information for a Bitcoin ETF
- BTC/USD value motion perked up a bit however the crypto continues to be going through headwinds
- SEC Chair Gary Gensler said how Bitcoin ETF approval is unlikely this yr
Bitcoin value motion appears to be like fairly uninspiring in the present day. Not solely is BTC/USD value motion virtually flat on stability, additionally it is underperforming different main cryptocurrencies like Ethereum. ETH/USD is pacing a 7% acquire on the session. To be truthful, crypto bulls staged sturdy bids over the weekend and helped Bitcoin recoil greater off current swing lows. But, information that Cathie Wooden’s ARK Make investments simply made a transfer to listing a Bitcoin ETF couldn’t even assist prolong the rally.
In keeping with the SEC submitting submission, the exchange-traded-fund can be listed underneath the title “ARK 21Shares Bitcoin ETF” and ticker image “ARKB.” That mentioned, the little response by BTC/USD value motion to the information is sensible in gentle of current commentary from SEC Chair Gary Gensler. Particularly, Gensler famous in a congressional testimony that “odds we’ll see a Bitcoin ETF accredited in 2021 are very low.” The SEC Chair additionally communicated how “there are a lot of challenges and gaps for investor safety in crypto markets.” For now, this stands to maintain Bitcoin accessibility – and demand – comparatively restricted to a level.
BTC/USD PRICE CHART: DAILY TIME FRAME (11 MARCH TO 28 JUNE 2021)
Chart by @RichDvorakFX created utilizing TradingView
Shifting focus to the technical panorama for BTC/USD value motion, we see that the crypto has been carving out a uneven buying and selling vary since mid-Could. Sustaining altitude across the $30,000-price degree is mission vital for Bitcoin bulls. Invalidating this technical assist degree exposes the crypto to larger pullback potential. That might convey the $17,000-handle into focus as the following layer of protection, which is underpinned by the 78.6% Fibonacci retracement degree of Bitcoin’s March 2020 to April 2021 buying and selling vary.
Bearish continuation may be catalyzed by the resumption of US Greenback power and normal market danger aversion in response to FOMC taper fears or delta covid variant issues. However, eclipsing the descending trendline and 20-day easy transferring common might counsel that Bitcoin bulls are wrestling again management. To that finish, the current MACD crossover seemingly serves as a constructive improvement for upside potential. This may inspire a much bigger rebound towards month-to-date highs across the $40,650-price degree earlier than the psychologically-significant $50,000-zone comes into consideration.
— Written by Wealthy Dvorak, Analyst for DailyFX.com
Join with @RichDvorakFX on Twitter for real-time market perception
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