Bitcoin Price Prediction as BTC Approaches $30,000 Resistance – What Happens Next?
On Wednesday, the price of Bitcoin continued to rise, increasing by over 2% and reaching approximately $29,500.
While it initially surged to $30,000, it settled above $29,500 due to lower trade numbers in China and a decrease in the US 10-year Treasury yield.
The worldwide cryptocurrency market has been showing positive results, currently valued at approximately $1.23 trillion.
Despite fluctuations, Bitcoin is displaying promising signs, potentially due to institutional investors expressing interest in other forms of digital currency.
If Bitcoin surpasses the $29,750 threshold, it may continue to rise, but if not, it could decrease to roughly $28,800 or less.
The recent increase in Bitcoin's value may be due to news about a possible approval for a Bitcoin ETF.
Insiders at BlackRock and Invesco have reported that an approval could happen within four to six months, which has raised hopes and led to speculation.
As a result, Bitcoin's value has increased by 2%, and other cryptocurrencies have followed suit.
Moreover, the surge in Bitcoin's value can be attributed to the influential investors who have taken long positions.
Along with this, the Open Interest has reached a record high of $10.086 billion, and there has been a significant growth in Coinbase's premium, indicating a growing demand for Bitcoin in the US.
This aligns with the expectations of ETF approval.
Binance, a cryptocurrency exchange platform, has obtained two licenses in El Salvador amidst regulatory issues in the US and Europe.
The Central Reserve Bank has granted Binance a license to provide Bitcoin services, and the National Commission of Digital Assets has awarded the platform a license to offer non-provisional digital assets services.
With these licenses,
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