Bitcoin’s price prediction turns bullish with a trading volume of $20 billion, pushing BTC above $30,000. Is it the right time to buy?

The price of Bitcoin has experienced a bullish turnaround, propelled by a substantial trading volume of $20 billion, which has pushed BTC above the $30,000 mark.

However, amidst the bullish surge in Bitcoin’s price, the cryptocurrency faces some pressure following the recent announcement by the US Securities and Exchange Commission (SEC) stating that spot Bitcoin exchange-traded fund (ETF) filings are inadequate .

In this Bitcoin price prediction , we will analyze the current market dynamics and evaluate the potential implications of the SEC’s statement, providing insights to help investors make informed decisions.

Bitcoin Under Pressure as SEC Deems Spot Bitcoin ETF Filings Insufficient

The decline in Bitcoin prices can be attributed to recent developments concerning the Securities and Exchange Commission’s (SEC) response to asset managers’ applications for Bitcoin exchange-traded funds (ETFs).

According to The Wall Street Journal , the SEC has deemed these applications inadequate in terms of clarity and completeness.

This announcement from the SEC has significantly impacted market sentiment, resulting in a decline in Bitcoin prices.

The news comes after a period of price surges in June, triggered by BlackRock’s submission of paperwork for an ETF that holds actual Bitcoin.

The market reacted positively to this development, with Coinbase, the custodian for the BlackRock fund’s holdings, also experiencing a rally in its shares.

However, the SEC’s determination that the filings were inadequate has created uncertainty and dampened investor enthusiasm.

As a result, Coinbase shares have declined by almost 2%, and Bitcoin itself has experienced a 1% decrease.

The impact of the SEC’s decision extends beyond BlackRock , as other asset managers, both traditional and crypto-focused, have followed BlackRock’s lead and either reactivated or amended their applications for a Bitcoin ETF.

Firms such as Fidelity Investments , Ark Investment Management, Invesco, WisdomTree, Bitwise Asset Management, and Valkyrie are among those mentioned by the WSJ.

SEC Criticism on Bitcoin ETF Filings Centers Around Surveillance Requirements

The SEC’s criticism of the filings centers around the insufficient information on surveillance arrangements between exchanges and spot Bitcoin exchanges. The SEC mandates a “surveillance-sharing agreement” to ensure monitoring and prevent market manipulation.

Asset managers can address these concerns by updating their applications and providing more comprehensive information before refiling.

The uncertainty surrounding SEC approval of Bitcoin ETFs , along with incomplete filings and lack of clarity, has contributed to the decline in Bitcoin prices.

Investors remain cautious about the future prospects of these ETFs, resulting in a temporary setback in the market.

Refinement and resubmission of applications by asset managers with the requested details may restore market confidence, potentially impacting Bitcoin prices in the future.

Bitcoin Price Prediction

The current price of Bitcoin is $30,456, accompanied by a trading volume of $23.3 billion in the last 24 hours.

Over this period, Bitcoin has experienced a slight decline of approximately 0.50%.

According to CoinMarketCap, Bitcoin holds the top ranking with a live market capitalization of $591 billion.

In terms of technical analysis, Bitcoin faces a significant obstacle around the $31,000 level. A successful breakthrough at this level could lead to potential targets at $32,500 and $34,000.

On the other hand, if Bitcoin falls below the crucial support level of $30,000, it may encounter downward pressure toward the 38.2% Fibonacci retracement level at $28,700 or even the 50% retracement level at $28,000.

The 50-day exponential moving average around the $28,000 mark could also act as a notable resistance point for Bitcoin’s downward movement.

Given the current circumstances, it is prudent to wait for a clear and decisive breakout from the current narrow trading range before making significant trading decisions.

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