The leading cryptocurrency, Bitcoin (BTC), achieved an unexpected surge with the news of an ETF and reached $28,000. Although the price of Bitcoin (BTC) experienced a sudden spike above $28,000 on Binance, it could not hold onto this level. So, will Bitcoin be able to sustain this rise against the dollar?
Recent Developments Regarding Bitcoin
The case that led to the increase in Bitcoin’s price does not necessarily mean the acceptance of an ETF. The court ruled that the reasons for the SEC’s rejection of Grayscale’s ETF application were unnecessary and capricious. Therefore, the SEC can no longer use the reasons they previously used to reject every ETF. This poses a big problem for the SEC.
The immediate consequences of this can emerge in the coming days. The SEC has to decide on 7 BTC ETFs in the next 3 days. These ETFs include BlackRock, Bitwise, VanEck, Wisdomtree, Invesco, Fidelity, and Valkyrie. Of course, BlackRock stands out among them. BlackRock, one of the world’s largest financial companies, can receive a positive response to its application, especially after this court decision.
This indicates that positive developments can continue for the price of Bitcoin. BTC initially touched $28,000 but then dropped to the $27,000 range and is now in a sideways formation.
Critical Date for BTC
The fate of Bitwise’s spot BTC ETF application will also be determined on September 1st, and September 1st is definitely critical in this context. If BTC has experienced such a rise without the approval of a spot ETF, things can change significantly with a real ETF approval.
Looking at the BTC chart, the first important support level is seen at $24,800. The first critical resistance level is, as expected, at the $28,000 level. Although the leading cryptocurrency has tested $28,000, a breakthrough has not occurred. BTC needs to achieve volume above $28,000 to break this level. Although BTC has experienced a 30% increase in volume in the last 24 hours, it has not yet reached the desired volume.
