Bitcoin (BTC/USD) Fades Lower as Bulls Tire, Support Coming Under Pressure

Bitcoin (BTC) Prices, Charts, and Analysis:

• No follow-up after the ETF-inspired assembly.
• Support pressures coming as traders await next week’s FOMC meeting.

The announcement in mid-June that BlackRock would file an application with the SEC for a Bitcoin spot ETF sent the cryptocurrency markets surging as investors bet that the fund giant would succeed where others have failed so far. The instant BTC ETF is seen as one of the best ways to spread Bitcoin adoption to a wider investment audience. BlackRock CEO Larry Fink has been blunt since interest in a Bitcoin ETF is widespread and global, telling CNBC that “as with any new market if the BlackRock name is going to be on it, we’re going to make sure it’s safe, sound and protected.”

While BlackRock is making bullish noises, post-announcement bitcoin price has been flat and range-bound with only short-term bouts of volatility. Bitcoin has formed a bullish flag, indicating that the price will rise significantly, but so far BTC/USD has been unable to close and open above $31k, the high of April 14th. Bitcoin has also returned below the recently supportive 20-day simple moving average and is close to testing its recent low of $29,500 recorded at the end of June. For Bitcoin to rush higher, it needs a confirmed break of $31K. If this gets executed, $32.4K (May 2022 swing high) would be the next level of resistance before $37.3K comes into play. A confirmed break of $29.5K leaves BTC/USD at risk of further losses. Next week’s FOMC policy decision – prices are expected to rise by 25 basis points – is the likely catalyst for the next move in Bitcoin.

Bitcoin (BTC/USD) Daily Price Chart – Jul 18, 2023

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