Bitcoin is currently trading at around $30,100which represents a down nearly 0.60% over a 24 hour period. After a period of excitement surrounding the potential approval of spot Bitcoin ETFs, market sentiment appears to have shifted, driving Bitcoin price lower.
THE investors and traders are now closely monitoring changing Bitcoin market dynamics and try to anticipate a profound change in trend. In this bitcoin price predictionwe will attempt to dig deeper into the factors currently influencing the price of Bitcoin and provide a forecast of its future direction.
Bitcoin Price Falls as JPMorgan Analyzes Possible Impact of ETFs
Bitcoin saw a decline in the first trading session in Asia on Monday, although it managed to stay above the crucial $30,000 support level for now. At the same time, it appears that the increase in applications for spot bitcoin ETFs in the United States, which many hoped would be a game-changer, may not have the intended impactaccording to one recent analysis from JPMorgan. This inevitably led to a drop in confidence surrounding these ETF requests from major Wall Street firms like BlackRock.
Despite the recent flurry of ETF applications in the cryptocurrency market, analysis from JP Morgan suggests that this confidence may not be sustainable. In effect, the report points out that similar products in Canada and Europe have attracted only a limited number of customers, casting doubt on the long-term prospects of these Bitcoin funds. As a result, JPMorgan’s analysis appears to play a role in the current Bitcoin price decline.
However, despite the emerging uncertainty, big bitcoin investors and traders seem to remain optimistic. Indeed, the Sentiment tool, a blockchain data tracker, reported on Sunday that addresses holding between 10 and 10,000 Bitcoins have accrued an additional 71,000 Bitcoins since July 17, which equates to nearly $2.15 billion. .
Presidential Candidate Robert F. Kennedy Reveals He Owns Bitcoin
THE Democratic presidential candidate Robert F. Kennedy Jr. revealed he had Bitcoin in an account worth between $100,001 and $250,000, according to a financial statement obtained by CNBC. This is surprising, as RF Kennedy had previously stated that he was not a bitcoin investor, but his wife did. Kennedy’s campaign manager, Democratic Representative Dennis Kucinich, clarified that there was no no conflict of interest and that the transaction took place after Kennedy expressed positive views on Bitcoin in Miami.
Kennedy is a strong supporter of Bitcoin among the Democratic candidates and his campaign announced that it would accept Bitcoin contributions. He got the ssupport from leading figures in the Bitcoin community, including the CEO of Block, Jack Dorsey, who recently predicted that Kennedy could potentially upset Florida Governor Ron DeSantis or Donald Trump in the general election. However, a recent study showed that for the Democratic presidential primary, 65% of those polled preferred President Joe Biden over John F. Kennedy, with only 14% of the panel favoring Kennedy.
Bitcoin Price Prediction
This Monday, the main cryptocurrency, Bitcoin, is trading in a narrow rangewith a upper boundary around the $30,500 level and a lower boundary around the $30,000 level. The 4-hour chart reveals that Bitcoin is encountering a important resistance near the $30,500 levelwhich is enhanced by the presence of a double top pattern and the 50-day exponential moving average.
Conversely, the $30,000 support level is backed by a strong trendline, which should limit Bitcoin’s bearish momentum. However, a Decisive break below this level could quickly push BTC price towards $29,700.
Further downward movement below $29,700 could then lead to the next support level at $29,250 and potentially even lower towards $29,000. On the other hand, a Bullish break above the $30,500 level can potentially drive Bitcoin price towards $31,000 or even $31,350.
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