Bitcoin (BTC) price has been stuck within a very narrow price range for the past couple of weeks. After consolidating around the $25,700 level, the pioneering cryptocurrency broke above $26,000 on Thursday. This has led to an uptick in the BTC market dominance.
On Friday, BTC price is once again trading sideways after an increase in volatility in the last trading session. At press time, the leading digital asset is trading at $26,276 without showing any significant gain or loss. The latest analysis suggests that Bitcoin is gearing up for a massive move.
After Greyscale’s major court win against the Securities and Exchange Commission (SEC), analysts are expecting a spot BTC ETF approval soon. The Bitcoin Exchange Trading Fund will pave the way for the institutional adoption of digital assets. ETF applications from some of the world’s biggest asset managers, including BlackRock, Fidelity, and Ark Invest, are currently under review by the SEC.
According to CNBC, the SEC may approve a BTC ETF between October 2023 and March 2024. However, despite the bullish sentiment in the market, Bitcoin price remains in a slump. The leading cryptocurrency is currently trading 17.6% below its yearly high.
The following BTC price chart shows that the price has been trading within the $25,300-$26,800 trading range for the past two weeks. The price broke above the top of this range last week after Greyscale’s win against the SEC but failed to gain momentum.
Nevertheless, Bitcoin price prediction will remain bullish as long as the bulls hold the key psychological level of $25,000. In case of a breakdown below this critical level, $21,000-$23,000 could be the next target. Considering the broader market conditions and the recent sell-off in equities, the bearish scenario seems more likely.
In the meantime, I’ll keep sharing updated Litecoin analysis and my personal trades on my Twitter, where you are welcome to follow me.
This post was last modified on Sep 08, 2023, 10:36 BST 10:36