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leading virtual currency Bitcoin priceis currently at a critical crossroads defending the critical $30,000 level.
Recent developments in the cryptocurrency market have raised expectations for Bitcoin’s future trajectory.
In the latest news, financial giant Fidelity is reportedly preparing to apply for a spot Bitcoin exchange-traded fund (ETF), which could open the door for widespread institutional adoption.
Additionally, the impact of increased central bank liquidity on Bitcoin’s performance continues to be a focus of interest.
In this Bitcoin price prediction, we delve into these key trends and assess their potential impact on Bitcoin’s next step.
Fidelity Prepares to Submit Spot Bitcoin ETF Application
Fidelity, one of the world’s largest wealth managers, is reportedly preparing to: Submit Your Own Notification Following in the footsteps of BlackRock and others, it has been adopted by the Spot Bitcoin Exchange Traded Fund (ETF).
This will be Fidelity’s second attempt to launch such a product. previous submission Denied by the US Securities and Exchange Commission.
possibility Launch of Spot Bitcoin ETF It is highly anticipated as it offers investors an accessible way to gain exposure to the cryptocurrency market.
The involvement of industry giants like Fidelity and BlackRock shows growing institutional confidence in Bitcoin’s long-term prospects.
With a broad customer base and large assets under management, Fidelity’s entry into the Bitcoin ETF space is significant.
The Impact of China’s Central Bank Increased Liquidity on Bitcoin’s Performance
The recent announcement that China’s central bank will use open market operations to inject additional funds into the financial system could prompt Chinese investors to acquire more bitcoin, leading to a surge in prices.
However, the influx of increased liquidity from China and a shift in investor focus stemming from the shrinking manufacturing sector have had a significant impact on BTC’s recent performance.
It is important to consider that an unexpected increase in lending rates by China could negatively affect BTC and cause selling pressure in the market.
Despite this potential risk, current demand, fueled by Chinese liquidity, and the rise of BTC could push the price to new yearly highs.
bitcoin price
Bitcoin It is currently priced at $30,616 with a 24-hour trading volume of $16.1 billion.
A slight increase of less than 2% was seen during this period.
With an actual market capitalization of $594 billion, according to CoinMarketCap, Bitcoin remains at the top.
The circulating supply is made up of 19,413,237 BTC coins and the maximum supply is set at 21,000,000 BTC coins.
Bitcoin price prediction
BTC/USD is currently encountering significant resistance near $31,000 on the daily chart.
This level of resistance, combined with the presence of neutral candlesticks such as Doges and Tops, suggests weakening bull sentiment and buyer fatigue.
As a result, we expect a slight price correction in Bitcoin.
It is important to emphasize that immediate support exists around the $29,600 levels.
A break below this support level could trigger further declines, with the next key support located at $28,250, which coincides with the 50-day exponential moving average.
If the price breaks below $28,200, then support could emerge near $26,750.
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