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current live bitcoin price was $29,864, reflecting a 24-hour trading volume of $11.2 billion, an increase of less than 1% over the last 24 hours.
As a top-ranked cryptocurrency with a market capitalization of $580.4 billion, Bitcoin has attracted attention from investors and traders alike.
Meanwhile, in an interesting development, well-known exchange-traded fund provider Global X ETF is partnering with CoinDesk to seek approval for a new Bitcoin ETF.
As Bitcoin continues its volatility, investors want to know where Bitcoin is headed.
Global X ETF Partners with CoinDesk to Aim for Approval of New Bitcoin ETF
A Global X Bitcoin Trend Strategy ETF, the fund is designed to track BTC futures contracts and the CoinDesk BTC Trend Indicator Index. The index utilizes proprietary signals that assess the strength and direction of Bitcoin price movements.
According to Bloomberg ETF analyst James Seyfert, the application is not a spot Bitcoin ETF application and will likely be accepted.
He expressed confidence that the ETF will go through the same approval process as previously approved.
Seyfert believes approval is all but certain and the only potential hurdle is if the SEC forces the delisting of all previously approved BTC futures ETFs.
Introduction of Global X Bitcoin Trend Strategy ETFScheduled for October 2024, subject to regulatory approval.
The possible approval and launch of a Bitcoin ETF like the Global X Bitcoin Trend Strategy ETF could have a significant impact on the price of Bitcoin.
Bitcoin price prediction
From a technical standpoint, Bitcoin is trading just above the key support level of $29,550, which is bolstered by the triple bottom pattern seen on the 4-hour timeframe.
In addition, the 50-day exponential moving average acts as resistance around $29,995, a psychologically significant mark just below $30,000.
Considering these factors, Bitcoin is likely to continue its bear market below $30,000. If the cryptocurrency experiences a bearish breakout below $29,500, the next potential support level is $28,900, which could face further downward pressure.
On the other hand, a failure to break below $29,500 could trigger a bullish rally, pushing the price towards $30,000 initially and possibly above $30,500 in a bullish crossover.
It is important to monitor the $29,500 level closely as it could be a buying opportunity if the price rises above $29,500.
Conversely, a break below this level may initiate a sell position. Moreover, an increase in Bitcoin demand and a breakout of $30,450 could lead the price towards the next resistance level of $31,200.
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