Bitcoin ETF season – Currently, many institutional players are embarking on the Bitcoin ETF proposal. It all started with the giant Blackrock, which applied for a spot (spot) Bitcoin ETF. Other actors followed like Invesco, WisdomTree, or Valkyrie. A new player is embarking on the demand for ETFs, it is Fidelity. Investors seem to appreciate this news, according to data coming from Coinshares. On the other hand, BTC is trying to hold the support at $30,500 in the short term.
Bitcoin price stagnates in 24 hours
If the course has reacted positively Following Blackrock’s request for Bitcoin ETFs, the reaction is slow compared to Fidelity’s request for ETFs. Bitcoin price stagnates in 24 hours :
The price shows a increase of nearly 6% in one weekand of 9% in one month. The BTC/ETH pair also stagnates in 24 hoursand displays a increase of more than 10% in one month. Within six months, the BTC/ETH pair climbs nearly 18%.
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Microstrategy stock is very close to Bitcoin price
I’Microstrategy company is so linked to Bitcoin, that we almost forget that it is above all a computer software publisher. In August 2020, Michael Saylor, decided to embark on theaccumulation of bitcoins. Several years later, his company finds himself extremely correlated to the course of the BTC :
We sometimes talk about the correlation between NASDAQ and Bitcoinbut’Microstrategy share is very close to the price of Bitcoin. As can be seen, the two curves have overlapped almost perfectly since 2021. As market operators eagerly await the SEC’s decision on Blackrock’s ETF application, one may wonderMicrostrategy (MSTR) stock is not already a form of Bitcoin ETF. In any case, if Blackrock’s request is honored, will the Microstrategy action retain an interest with investors?
Bitcoin Price Tries To Hold 4H Support At $30,500
BTC attempts to hold the level at $30,500. This is an important level for buyers to maintain, in order toavoid slipping dangerously below $30,000 :
If the price falls, it could join the next support located at $29,800. On the other hand, if the price remains above the supporthe could quickly join the resistance zone at $31,500. Whatever happens, it is about the resistance to be overcome in order to regain bullish volatility. For its part, the RSI is trying to regain momentum with bottoms and rising tops. A fence beyond 63 would go in this direction.
It’s Bitcoin ETF season, Fidelity has just added its name to the various institutional players who have recently applied for a Bitcoin ETF. While waiting to know the decision of the SEC, the Microstrategy action replicates the price of BTC to perfection. Technically the buyers are trying to hold the support at $30,500, a move back to $31,500 is not to be ruled out.
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