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of Bitcoin price is currently trading at $30,196, down nearly %0.50 on Monday.
After a period of excitement over the possible approval of a Bitcoin Exchange Traded Fund (ETF), market sentiment changed, leading to a drop in the Bitcoin price.
Investors and traders are now closely monitoring changes in Bitcoin market dynamics and adjusting their forecasts accordingly.
This bitcoin price prediction delves into the factors that influence the price of bitcoin and offers predictions about its future direction.
Rise in ETF Filings and JP Morgan Analysis Drop Bitcoin Price
Bitcoin fell early in Asian trading on Monday but managed to break above the critical support level of $30,000.
rapid increase Bitcoin Exchange Traded Fund (ETF) The US filing, many expected to be a game changer, may not have the impact expected, according to a recent JP Morgan analysis.
This has dented confidence in the ongoing Bitcoin ETF application by prominent Wall Street firms like BlackRock.
Despite the recent wave of ETF applications in the cryptocurrency market, JP Morgan’s analysis suggests that confidence may not be sustainable.
The report highlights that similar products in Canada and Europe have attracted only a limited number of customers, casting doubt on the long-term prospects of bitcoin ETFs.
But despite the new uncertainties, Bitcoin whales, referring to large cryptocurrency holders, remain optimistic.
Blockchain data tracker Sentiment reported Sunday that addresses holding between 10 and 10,000 Bitcoins have accumulated an additional 71,000 Bitcoins since July 17, worth about $2.15 billion.
JP Morgan’s analysis appeared to have had a negative impact on the Bitcoin price during Monday’s trading.
Presidential Candidate Robert F. Kennedy Reveals Bitcoin Ownership
Democratic presidential candidate Robert F. Kennedy Jr. has revealed that he has between $100,000 and $250,000 worth of bitcoin in his account. CNBC.
This comes as a surprise, as Kennedy has previously said that he is not a Bitcoin investor and that his wife owns Bitcoin.
Kennedy’s campaign manager, Democratic Rep. Dennis Kucinich, clarified that no conflict of interest existed and that the transaction took place after Kennedy expressed his positive views on Bitcoin in Miami.
Kennedy is a vocal supporter of Bitcoin among the Democratic nominees, and his campaign has announced that it will accept donations in Bitcoin.
He has garnered endorsements from prominent figures in the Bitcoin community, including: Block CEO Jack DorseyHe recently predicted that Kennedy could upset Florida Gov. Ron DeSantis or Donald Trump in the general election.
But a recent poll found that 65% of respondents preferred Joe Biden to John F. Kennedy in the Democratic presidential primary, while only 14% supported Kennedy.
Kennedy’s bitcoin ownership news helped mitigate some of the losses for the BTC/USD pair.
Bitcoin price prediction
On Monday, Bitcoin, the major cryptocurrency, traded sideways within a narrow range with a high end near the $30,500 level and a low end near the $30,000 level.
The 4-hour timeframe reveals that Bitcoin is encountering significant resistance around the $30,500 level, which is reinforced by the presence of a double top pattern and a 50-day exponential moving average.
Conversely, the $30,000 support level is supported by a solid trendline and is expected to limit Bitcoin’s downside momentum.
However, a decisive break below this level could push the price towards $29,700.
A further drop below $29,700 could lead to the next support level of $29,250, which could drop further towards $29,000.
On the other hand, a bullish breakout above the $30,500 level could push Bitcoin price towards $31,000 and even $31,350.
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