Proactive Investors - Bears took charge of bitcoin (BTC) on Wednesday, successfully cutting back the BTC/USDT pair by 0.6% throughout the day.
At close, BTC/USDT was swapping for US$29,580 having touched briefly touched about US$30,000 in the prior session.
Bitcoin has stayed fairly flat in this morning’s trades, dipping around 0.1% to US$29,505 at the time of writing.
Bitcoin bears eat into Tuesday gains – Source: currency.com
Bitcoin has been rejected at the 30k price point twice in the past 10 days, a sure sign of a strong resistance point at this level.
This is likely to cause ongoing selling pressure, making it difficult for the world’s largest cryptocurrency to rally past 30k and stick there for any substantial amount of time.
Unless a sufficient catalyst galvanises the bulls.
This could take the form of the first spot bitcoin exchange-traded fund being approved by US regulators; something that appears increasingly likely, or at least more likely that previously imagined.
Insiders at BlackRock (NYSE:BLK) and Invesco appear confident that their ETF applications will get a good shake by the Securities and Exchange Commission (SEC), a move that would unlock bitcoin to massive sums of institutional wealth.
In the meantime, bitcoin trading volumes remain historically low, a generally bearish signal for the benchmark cryptocurrency.
On the futures market, over US$13 million in long liquidations were written down on Tuesday, compared to US$6 million in short liquidations.
As for Ethereum (ETH), the world’s second-largest cryptocurrency barely budged on Wednesday, closing at a flat US$1,855 before creeping lower to US$1,850 this morning.
Binance’s order book has the ETH-USDT pair’s support line at US$1,830.
In the altcoin space, meme coin Shiba Inu (SBIN) remains the stand-out token among the top-20 set, with the SHIB/USDT pair 17% higher week on week.
The vast majority of blue-chip altcoins, including Cardano (ADA), Tron (TRX), Binance’s BNB token and Dogecoin (DOGE) are up in the low single digitals, while Solana (SOL) has managed to gain nearly 7% week on week.
Global cryptocurrency market capitalisation currently stands at US$1.18 trillion, with bitcoin dominance slightly above 50.5%.
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