Bears Unsuccessful, Bitcoin Buying Resumes at Lower Levels
Bears missed the chance to keep Bitcoin below the pivotal $25,000 level, which seems to have ignited a resurgence from bulls trying to trigger a recovery in Bitcoin.
On June 15, Bitcoin experienced a sharp uptick, catching aggressive bearish traders off-guard, who had bet on the price falling. This rapid price surge triggered a short squeeze, catapulting Bitcoin to its 20-day EMA of $26,400.
Bearish traders are trying to cap the relief rally at the 20-day EMA. However, the bulls appear resilient, indicating that they’re hanging onto their positions in hopes of a further uptick.
The optimistic swing could be attributed to BlackRock’s plan to launch a Bitcoin spot price ETF and robust US equities markets, painting a brighter crypto sentiment.
However, the real test lies ahead as bears are expected to put up a staunch resistance between the 20-day EMA and the descending channel’s resistance line. If they succeed, the BTC/USDT pair may hover inside the channel for some time.
However, should bulls push the price above the channel, it could signal a potential trend reversal, possibly propelling the pair toward $31,000.
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CRYPTO NEWS WEEKLY ROUNDUP:
BlackRock Files Application for Bitcoin Spot ETF
Investment behemoth BlackRock has made a significant move in the cryptocurrency market by filing an application for a Bitcoin spot exchange-traded fund (ETF). If granted approval by the U.S. Securities and Exchange Commission (SEC), it would become the first such fund in the United States.
BlackRock’s iShares Bitcoin Trust aims to simplify Bitcoin investment by eliminating complex operational hurdles.
Despite numerous applications, the SEC has yet to approve a spot Bitcoin ETF. This development comes as Grayscale, a digital asset manager, appeals the SEC’s denial of its own spot Bitcoin ETF application.
Bitcoin Ordinals Counterpart Launched on the Ethereum Network, 30,000 NFTs Created in 18 Hours
A new protocol called “Ethscriptions” has been launched on the Ethereum network, paving another avenue for the creation of NFTs and digital assets. Conceptualized by Genius.com co-founder Tom Lehman, Ethscriptions takes inspiration from the Bitcoin Ordinals protocol.
The launch was a huge hit, amassing nearly 30,000 Ethscriptions in the first 18 hours. Unique to Ethscriptions is its use of Ethereum’s “calldata” for asset minting, promoting a cost-effective, decentralized process.
Lehman’s inaugural project on the platform, “Ethereum Punks,” saw an overwhelming response, with all 10,000 assets claimed almost immediately. Currently, the protocol only supports image inscriptions less than 96KB, though expansion to other file types is planned.
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