Towards the launch of a Bitcoin ETF in 2023? – In any case, this is the opinion of Bloomberg. Indeed, two analysts have estimated that there is now a 75% chance that a Bitcoin ETF will be launched in 2023. An optimistic analysis a few days after Grayscale’s victory against the SEC. After a nice bullish day, Bitcoin came back close as early as $27,000. Buyers will have to show themselves to avoid a return to square one.
Bitcoin price falls slightly in 24 hours
After the news of Grayscale win over SECthe Bitcoin price has climbed nearly 8%. BTC could have continued its momentum, but the price is showing a slight decrease in 24 hours :
In one week, the course is in 3% increase. In one month, the price shows a 5.5% decrease. For its part, the BTC/ETH pair stagnates in 24 hoursand displays a slight increase in a month. The BTC/ETH pair is very low volatility since several weeks.
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CoinShares records record Bitcoin and cryptocurrency outflows
Outputs recorded on cryptocurrency investment products break records. Indeed, CoinShares registers releases to the tune of $168 million. In fact, these are the largest outflows since March :
On its own, Bitcoin registers outflows of $149 million. August is the month to forget, CoinShares indicates outflows exceeding $270 million. The report also indicates that the trading volumes were particularly low. Analysts say the bearish sentiment is coming from theuncertainty around a potential acceptance of a Bitcoin ETF. Let’s hope that Grayscale’s recent victory over the SEC comes to reshuffle the cards.
Bitcoin price must defend the level at $27,300
BTC is back at the level of the rack at $27,300and at the level of bullish institutional bias (EMA 9/EMA 18). The dynamic being again bullish in 4Hbuyers could show themselves:
If so, the price could return to the level of the resistance at $28,500. On the other hand, if the support gives way, the price could return to the level of the bracket at $26,700. On the other hand, the RSI continues to show bottoms and rising tops. The RSI could return to the level of the bullish trendline. A break of this trendline would indicateshortness of breath.
The price has the possibility to rebound at the support level at $27,300. This is a level to defend to avoid a move back to $26,700. At the same time, CoinShares has recorded the largest outflows since March. Indeed, cryptocurrency investment products recorded outflows of $168 million. However, after Grayscale’s victory against the SEC, could institutional players be reassured about an upcoming acceptance of a Bitcoin ETF?
Closer to Bitcoin news
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