BlackRock Follows Bitcoin ETF Applications Closely

It is expected that BlackRock will closely monitor the review process of various exchange-traded fund (ETF) proposals for a prominent Bitcoin ETF. According to Bloomberg Intelligence’s Eric Balchunas and James Seyffart, only one out of the 550 ETF applications made by BlackRock has been rejected.

Current Situation in the Crypto Markets!

While Bitcoin consolidates while waiting for its next catalyst, several altcoins are witnessing solid buying. This has brought Bitcoin’s market dominance below 50%, indicating a potential shift towards altcoins in the near term. Let’s examine the movements of the leading cryptocurrency in the next few days.

Bitcoin closed above $31,000 on July 13, but it proved to be a bull trap as bears pulled the price below the level on July 14. This may indicate that bears strongly defended the range between $31,000 and $32,400.

The price action of the past few days has formed a downward trend on the RSI, indicating a weakening bullish momentum. Bears may try to increase their advantage by pulling the price below the 20-day exponential moving average of $30,187. If they succeed, the BTC/USDT pair could drop to $28,631, the 50-day simple moving average.

Bitcoin Analysis!

If bulls want to prevent a decline, they may need to quickly push the price above and sustain it above $31,000. The pair could then climb to $32,400. A break and close above this level could potentially clear the path to $40,000, as there is no significant resistance in between.

On the 4-hour chart, the pair falling below the moving averages could indicate drying up demand at higher levels. Bears may need to pull the price below $29,500 and sustain it to initiate a deeper correction. The pair could then drop to $27,500.

Alternatively, bulls may need to push the price above $31,000 and sustain it to initiate an upward move towards $32,400. If the cryptocurrency’s price falls from $32,400 but bounces back from $31,000, it could indicate that bulls have turned the level into support. The pair could then start a rally towards $40,000.