Bitcoin Price Prediction as BTC Bounces Back Above $30,000 Resistance – Time to Buy?
Bitcoin (BTC) saw a second strong bounce from support in the $30,000 area late on Wednesday, with the bulls remaining in control for now.
The world’s largest cryptocurrency by market capitalization was last trading around $30,500, within this week’s ranges as support in the form of the late-April/early May highs in the $30,000 continues to hold firm.
Bitcoin is on the cusp of closing out a strong month, with June’s gains currently standing around 12%.
That’s an impressive recovery given just two weeks ago BTC was trading below $25,000 amid concerns about the US Securities and Exchange Commission (SEC)’s increasingly aggressive stance against the US crypto industry.
The agency announced new lawsuits against Coinbase and Binance earlier this month, the latest major moves in its quest to bring the crypto industry into “compliance” via regulation by enforcement.
Spurring the strong recovery from earlier monthly lows was the news that BlackRock, the world’s largest asset manager, had filed for a spot bitcoin ETF that experts think has a strong chance of being approved.
A series of other major financial institutions have followed BlackRock’s move, with big names like Fidelity also filing for a spot ETF.
If spot bitcoin ETFs are approved, this should bring a lot of institutional capital that has been waiting on the sidelines into the bitcoin market, substantially bolstering demand.
Bitcoin price predictions remain upbeat for a number of reasons.
Firstly, the tailwind of optimism surrounding spot bitcoin ETFs and “institutional adoption” is unlikely to fade anytime soon.
Moreover, bitcoin remains resilient to macro headwinds such as rising US bond yields as a result of increasing bets for Fed tightening as US economic data points to
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