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Fake Bitcoin ETF News Help the Price Soar as Ether and DeFi Struggle


Late last night, Bitcoin went on a major run that seemingly had no fuel behind it. But, the price jump occurred due to some fake Bitcoin ETF news. While optimism around Bitcoin ETF’s has grown considerably lately, there’s been nothing on that front so far. On Tuesday, some media outlets

No New Movements – Why Is Bitcoin’s Price Stuck?

It’s been a long time before there have been any positive movements on the Bitcoin price front. The price has been stuck in the $29,000 range, with no bounces or rebounds. The narrow trading range has been stuck for weeks, and it’s no different this week. Early on Tuesday, the price was down less than 0.5%. However, the overall trend remains flat, with the price not going much higher than $30,000.

That’s not necessarily a bad thing. The price has been stable for the first time since November 2016. It coincides with the lowering annualized volatility and derivative trading volumes. The flatlining price represents a short-term bias conflict among traders, meaning traders aren’t exactly sure what the next direction is.

Bitcoin ETF Approval Incoming?

A first Bitcoin ETF was largely planned to go live in the USA. However, it first arrived in Europe thanks to Jacobi, a company that registered the first Bitcoin ETF in Amsterdam. In the USA, there are rising expectations that the same might happen. BlackRock’s ETF might soon find its way to the market, and many believe that’s going to happen as the price has been flatlining for a while.

Concerns about the Fed’s interest rate hikes have increased the US dollar appetite. The USD index has rebounded from the critical lows in July which coincides with Bitcoin’s pullback from the record $31,500 it hit around the same time. The flat trend isn’t going to stop – many expect it to continue through mid-September.

From a technical viewpoint, there might be a massive breakout or a breakdown coming soon. The Bollinger Brands are one reason for it. Shrinking Bollinger Brands are usually an indicator for a strong volatility increase. This might help Bitcoin go out of the $28,500 – $30,000 range and hit a higher price point. Of course, the Bollinger Brands alone can’t predict Bitcoin’s next move. In fact, no one will – the technical indicators are just factors that can help us see which direction the price may swing in.

However, many experts remain optimistic, even if traders are concerned. For example, Market Tardigrade is convinced that a positive trend is coming. It found references between the flatlining price at the moment with the peaks in late 2017. At that time, BTC was stuck in the $350-$400 range before the breakout came in 2017.

Possible Reversal?

Bears pin their hopes on a rising wedge pattern that might hint a potential reversal to around $15,000 in coming months. But, if Bitcoin holds its ground above the 20-day moving average, it might be able to prevent it. Even if the reversal comes, it may act as a jumping point for higher volatility and a higher price, which is what most are hoping for.

But, until something happens, it seems that the price will be stuck in this range until mid-September. There aren’t many things that can influence the flatline right now, so it seems that we’re stuck in the middle of a middling price point. Here’s hoping it passes soon.

Bitcoin Jumps Over $30,000 for the First Time in a Week, But Price Is Still Stuck

There’s slightly good news on the Bitcoin price horizon, and that’s breaking past the $30K point for over a week. It’s not the move we’ve all been waiting for, but it’s certainly an uptick compared to the laziness before. Crypto markets were slightly in the green on Tuesday after the government’s bond yields headed sharply lower than the expected. Bitcoin’s price may also have been influences after PayPal announced plans to create a stablecoin soon.

The highest price Bitcoin reached on Tuesday was $30,068. That was a 2.9% jump from before, and the first jump over $30,000 since August 3. It wasn’t just Bitcoin. Solana, Chainlink, and toncoin all made positive moves for a brief moment, before the market fell back into its currently stuck position.

Not a Great Financial Moment

The good news for crypto investors is that the price jump comes at a bad global financial moment. China just reported a 12.4% import decline in July, which was almost double the drop expected by financial experts and economists. Exports dropped almost 15%, while the projection was around 12%. Those levels in China haven’t been experienced since the COVID-19 lockdowns, so it’s pretty clear the country’s economy is currently in shambles.

Not that things are great elsewhere. US’ 10-year yield is lower by over 11 basis points. Yields on government-issued bonds across Europe are in even worse position. It’s a global financial problem that’s been lingering for years, and some experts believe the worst is yet to come. When you compare that to the current crypto market, it’s clear who the winner is.

As reported last week, Bitcoin’s price hasn’t made any positive jumps. Sitting in an oversold position last week, it was clear that any bounces might be disappointing. While this week didn’t bring the bounce we were all hoping for, it was much better than the expected. But, since jumping to over $30,000, Bitcoin slid back into its comfort zone, with the price stuck in limbo in the $29,000 range.

Record-Low Volatility

Since its inception, Bitcoin has been plagued by one problem – the high volatility. That volatility has kind of calmed down in recent years, and reached its peak this year. Similar periods were observed in the 2016 and 2019 cycles, although this one is on another level. We’re seeing record-low Bitcoin volatility, which might be a good or a bad thing depending on how you look at it.

Those looking for a stabler market will surely be delighted by it. Investors with big money are dreaming of higher volatility as it can make good profit. Overall, it’s good that we’re seeing a stabler price range, although experts believe Bitcoin has been stuck at this level for too long. So, what happens next? One thing’s for sure – things won’t stand like this for very long.

Periods of boring market action will continue for a while before a breakout happens. Let the summer pass, and we hope that the crypto market goes green with renewed vigor.

Bitcoin Oversold at the Moment, Bounces Might be Disappointing

There’s been a clear sign that Bitcoin may be oversold at the moment, as the price hasn’t seen significant positive action for weeks. What’s more, micro dips are happening all the time. But, even then, Bitcoin has been (barely) holding the $29,000 price range, and according to experts, any bounces might be disappointing for traders and investors.

The current price is the biggest dip in the past six weeks, but the worst has yet to come. The breakdown is due to a new macroeconomic paradigm right around the corner – the expected Fed rate hikes. The Federal Reserve may be at the end of its most strict monetary tightening, but unlike previous optimism, it seems that Bitcoin simply fails to react.

A Lower Dip Expected?

Some traders and experts believe that while equities are booming and rate hikes stay up, Bitcoin could reach new lows. By new lows, we mean dips as low as $25,000, which isn’t what anyone wants to hear right now. Capriole Investments thinks that the crypto market needs more time for the reality to sink in. While BTC prices have been dipping, the S&P500 has just had its longest winning streak. The Fed has put rate hikes on pause in the middle of the tightest monetary policies.

In reality, the world is at a macro pivot point. A new monitory policy regime may give Bitcoin the life it needs, but that could come years down the road. Right now, the technical and fundamentals are obvious saying it’s not the time for Bitcoin price hikes. That may not be what we all hoped for, but it’s the inevitable reality.

At the moment, the next support levels are $28K, $24K, and the lower end of the $20,000s. The silver lining is that they all offer better relative opportunities for the price to rise. In essence, everything says that Bitcoin’s trajectory in the near future is pointing up. But, if history has taught us anything so far, it’s that traders need to be patient.

Historically Positive Performance

Whenever Bitcoin was in overbought territory in the past, it has done much better than when it was oversold. Right now, it’s the second case. Prices have been steady for the past month, but unfortunately for bulls, there’s no change on the horizon. There’s no Fed central meeting schedule for August. However, there will be a central bank conference later this month that might give us a clue where the macros are heading. Future monetary policies can say a lot about Bitcoin, but for its future performance. When it comes to the next few months, bounces might disappoint.

And there’s something else that can shape the future of Bitcoin’s price – the SEC decisions. The US watchdog has been leaning heavily against Coinbase and Binance, and that’s affecting the crypto market as well. Upcoming news on the Bitcoin spot ETF may bring pleasant changes, but we won’t hear about it until Labor Day, and no one can say it’ll be positive wind.

For now, it’s just best to stay put and see how the price shapes up week by week.

Bitcoin’s Price Kept Down by Likely Rate Hikes by the Fed; Is the Selling Over?

For the past week, crypto prices have been depressed, with Bitcoin taking the biggest hit by staying below $30,000. In the past 24 hours, its price has stumbled down to almost $29,000, with inflation and likely Fed rate hikes being the reason. That’s what investors are waiting for and it is likely to resume when the Fed’s next report is out. On the positive side, Bitcoin’s lower price isn’t keeping the crypto market down, with Doge racing to a 7% increase probably because of Twitter’s expected rebrand.

Not long ago, Bitcoin raced past the $30,000 point due to BlackRock applying for an EFT. But, ever since that, its price has been stuck in the $29,000 range, and the Fed’s to blame.

What Happens Next?

US’ Federal Reserve is expected to announce a new rate hike today which will most likely be the biggest so far. If the expected 25-point increase is announced, experts believe it could drop Bitcoin’s price even lower. These rate concerns and inflation have been keeping crypto prices down while also affecting the US dollar value.

On Monday, Bitcoin tumbled down to its lowest point since June. This was likely fueled by reports that Binance’s CEO Changpeng CZ Zhao has suggested that the crypto exchange giant conducted wash trading years ago. China’s lawmakers warned of a troubling economic recovery too, and those were the factors that kept Bitcoin’s price down.

The main problem is that Monday’s price drop was sharp which suggests a programmatic sale. In general, these sharp drops recover quickly. However, Bitcoin has been stuck in sub-$30,000 levels, meaning that buyers are cautious about their next steps. Everyone is holding breath about the Fed’s decision and we’ll see how things proceed from there.

On the positive side, Doge was up by 7%. It spiked above $0.08 which is the highest price point for Elon Musk’s favorite cryptocurrency since April this year. The likely reason for Doge’s rise is Twitter’s rebrand as X, a bold move by Elon Musk     that will either save or destroy the platform. Nevertheless, good thing are coming for Doge besides the price, as there are rumors that X might implement Doge payments.

Sentiment Analysis

Right now, the sentiment around Bitcoin’s price is that it can’t go over $30,000 soon. Funding rates indicate that the price drop might be to the futures market sentiment. This metric determines whether short or long traders are dominant. Positive values indicate a bullish sentiment, while negative values indicate otherwise. At the moment, the sentiment is bearish after a couple of optimistic months. The pressure from the futures trading market is affecting Bitcoin’s price, and there seems to be no solution in sight.

If the charts are right, Bitcoin could race to $38,000 in the coming months. So far, it has been shooting above $30,000 then dropping below it, and if this level holds, a price increase is coming sooner rather than later. That’s only if there aren’t any stumbles along the way like record Fed hike rates which might ruin it all.

Bitcoin Stays Over $30,000, Cathie Wood Raises Confidence in BTC

Bitcoin’s price point hasn’t changed a lot in the past few weeks. It’s still afloat north of $30,000, consolidating at that price point without any major setbacks. There was a slight leap below this level on July 17, but Bitcoin managed to climb up the ranks instantly. It was all reinforced by comments made by Ark Invest CEO Cathie Wood, a major crypto supporter who just issued her forecast for Bitcoin’s price by 2030.

She expects a massive bull case by the next decade that will see Bitcoin jumping to $1,500,000. While those predictions are too optimistic, it shows that optimism surrounding Bitcoin will never fade away, and that we’re in for bull runs that will legitimize the current consolidation.

At a Crossroads

Bitcoin’s price is currently at an inflection and is split between the bottom range $29,000 level that can see it bouncing off and extend the rally south. In order for a downtrend to hold its ground, we should see a daily candlestick below the critical support currently at $29,872. Bitcoin’s current Relative Strength Index gas deflected a bit, which shows buying pressure from the cohort of bulls. It’s a quiet July so far, and we’ve yet to see some major moves.

Bitcoin enjoys robust support by the 50, 100, and 200-day moving averages. The upper boundary of $31,500 was almost breached last week, but it’s obvious that Bitcoin’s facing some pressure there. If bulls prevail, the price could rush over that bump and confirm the uptrend that will hopefully take it to new heights and another consolidation phase before a new run.

Cathie Woods’ Predictions

Ark Invest CEO Cathie Wood has never shied away from the spotlight when making Bitcoin and crypto price predictions. A few days back, she voiced her support for a major Bitcoin bull run that could arrive at some point around 2030. That’s still seven years to go, but Wood’s prediction put it at $1,500,000 in the case of a bull market and $625,000 in the case of a bear market. In both cases, the prices are a far cry from the current ones and even Bitcoin’s all-time high that almost hit $70,000.

Wood’s confidence in Bitcoin has increased. She said it’s an ‘insurance policy’ and that t he 08-09 Bitcoin crisis is never coming back. Wood rose to prominence earlier this year in March when regional banks in the USA started to collapse. Some experts believed it’ll send shockwaves through the crypto industry and impact the price in a negative way, but Wood held her ground. She predicted a surge which eventually went up to 60% for Bitcoin’s price, taking it from $19,000 to $30,000 in a short time.

Since then, the price has consolidated at that point, and we’re all waiting for a bull run that could see it jump higher. Wood is confident that a new run is coming soon, and without any setbacks, the price can go over a million by 2030. It may be slightly overly optimistic, but there’s no doubt there’s room for Bitcoin to grow.