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The price of BTC is currently hovering around the $28,300 resistance level. Despite a reversal in the upward movement yesterday, BTC managed to hold onto some of its gains. The increasing belief in ETF approval and the motivational statements by the BlackRock CEO seem to have slightly turned the sentiment towards the positive.
Current State of Cryptocurrencies
Bitcoin‘s dominance in the market has reached the 51% mark as most altcoins did not accompany the recent surge. The cumulative volume has surpassed $60 billion, and the cumulative value of cryptocurrencies is back in the $1.08 trillion range. Bitcoin’s movements in the coming days will greatly affect altcoin investors. Volatility is approaching.
The daily chart readings for BTC show a breakout from the horizontal range of $26,000 on October 11th. The decreasing resistance trend line since July has been broken. After the news of iShares BlackRock ETF approval, BTC briefly reached $30,000, but a large upper wick formed. This happened after BlackRock denied the news.
Cryptocurrency Predictions
Data compiled by Santiment shows a significant increase in social volume in favor of cryptocurrencies. According to Matteo Greco, a research analyst at Fineqia International, although the recent ETF news was denied, time is running out. ARK 21Shares’ final decision date will be on January 10th, a few months from now.
If the SEC approves as expected, they can do it on January 10th without giving anyone the advantage of being the first. This date seems reasonable for a collective decision in case of possible rejections.
Before yesterday’s surge, there was an increase in whale addresses holding between 100 and 1000 BTC. There was a daily increase of 16 addresses, the largest increase since February 28, 2022. Additionally, if the SEC does not have a surprise new excuse, they may soon give the first approval for GBTC, considering they did not object to the GBTC decision. As we mentioned before, if the SEC had a stronger argument, they would not hesitate to use it in court.
Lastly, transactions on the Lightning Network have increased by 1200% in the past two years. The RSI has not yet confirmed the direction of the trend, but yesterday’s daily close was positive.
If the BTC price continues to make daily closes above $28,000 and maintains the $28,300 resistance area, altcoins may start a rally. However, in the opposite scenario, we may see a drop to $25,000.
