Bitcoin Price Reconquers $31k As Blackrock Resubmits ETF Proposal – Will This Propel BTC to $38k?

The structure of the crypto market has improved a lot over the last few weeks. While not explosive, the largest crypto, Bitcoin, boasts 54.4% growth in the last 30 days, bringing its cumulative yearly gain to 63.5%.

Bitcoin’s bullish outlook, which stabilized in June, continues into July, and according to market insights, it could push BTC to $38,000.

According to live data from CoinGape, Bitcoin price is up 1.4% on the day, but more importantly, buyers have regained resistance at $31,000 and are looking to close the gap to the next hurdle at $32,000.

Bitcoin Price Wins When Selling Pressure Reduces

As discussed in our previous analysis, Bitcoin price follows a wave of several buy signals, starting with the Moving Average Convergence Divergence (MACD) indicator. As well as flashing a buy signal in June, with the blue MACD line crossing above the red signal line, the momentum indicators are crossing above the average lines, reinforcing the bullish outlook.

Furthermore, the SuperTrend indicator also flipped below the Bitcoin price, thereby validating the break of $25,000. This indicator overlays the chart like a moving average, but goes a step further to measure volatility in the market by including a reading of the average true range (ATR).

Bitcoin will keep the uptrend intact as long as the SuperTrend indicator maintains its position below the price. Traders will anticipate the opposite reaction, with BTC cooling off if the volatility index rises above price.

In particular, a daily close above $31,000 would go a long way towards maintaining Bitcoin’s uptrend. In other words, investors are likely to continue buying BTC if the elusive support at $31,000 obliges in the coming sessions.

On the other hand, a break above $32,000 would be another signal that Bitcoin price is finally on track to close the gap to two key levels: A stubborn seller buildup at $35,000 and psychological resistance at $38,000.

On-chain insights from Santiment, a leading analytics platform, show that investor confidence has increased at a laudable rate, fueling interest in BTC accumulation.

However, “trader profits for BTC are slightly high, which means there may be a cooldown.”

With that in mind, it would be wise to tread carefully while closely watching Bitcoin’s reaction to major price points such as the recently reclaimed $31,000 and its subsequent hurdle at $32,000.

A break above $32,000 could be a game changer and open the door for gains with a target of $38,000. On the other hand, rolling back below $31,000 means the bulls accept defeat. This may prompt the bears to double down on their efforts and eventually push BTC below $30,000 with the $25,000 signal.

Blacklock Refill Spot Bitcoin ETF

According to a Bloomberg report, Blackrock has resubmitted an exchange-traded Bitcoin spot fund (ETF) to the US Securities and Exchange Commission (SEC) proposal via the Nasdaq.

New filings were made with the SEC on Monday, highlighting that Coinbase Global Inc. will play a critical role in market oversight for the ETFs proposed by the world’s most colossal asset managers.

This development occurred in response to the oversight body’s previous statement that the original submission lacked the completeness and required detail.

Companies interested in offering BTC ETFs last week have changed their proposals to provide more details, including VanEck and Fidelity Investments.

If approved, the spot Bitcoin ETF will become a gateway for institutional investors to participate in the crypto market, which many believe will drive the next bull market.

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John is a renowned crypto analyst and journalist, providing expert insights on broad and focused aspects of the digital asset market. As a keen reporter, he keeps his audience updated with the latest news in the crypto world, investigating topics such as price trends, on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi) , and the ever-evolving metaverse.

The content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.