Technical Analysis

BTC/USD Price Analysis – July 04, 2023

By LonghornFX Technical Analysis
Jul 4, 20233 min
Signal 2023 05 25 122632 002

Daily Price Outlook

Bitcoin is making moves, trading at $31,234 and enjoying a 1.52 percent increase on Tuesday. In an exciting development, Blackrock, the world's largest money manager, has resubmitted its Bitcoin exchange-traded fund (ETF) application in the U.S. after facing some initial hurdles from the regulator. This bold move by Blackrock demonstrates their eagerness to lead the way in the cryptocurrency markets.

Nasdaq has also entered the picture, modifying Blackrock's application for a Bitcoin ETF alongside other industry rivals. Blackrock followed the footsteps of four companies that initially registered for spot Bitcoin ETFs and submitted an updated application to the U.S. Securities and Exchange Commission (SEC).

Nasdaq's involvement includes adding Coinbase as a surveillance-sharing agreement (SSA) partner, mirroring Cboe's approach with registrations from Fidelity, VanEck, Invesco, and WisdomTree.

While the SEC has expressed concerns about market manipulation and investor protection in relation to spot Bitcoin ETFs, Blackrock's stellar reputation as the largest asset manager in the world has sparked speculation. Some believe that Blackrock's credentials may increase the likelihood of approval for their spot Bitcoin ETF.

In their filing, Blackrock mentioned that the Spot BTC SSA would be a bilateral surveillance-sharing agreement between Nasdaq and Coinbase, serving as a supplement to the exchange's market surveillance program.

With the inclusion of Coinbase as an SSA partner and Blackrock's updated spot Bitcoin ETF application, BTC prices have experienced an upward trajectory. This development has generated excitement among market analysts, who see the reputation and influence of Blackrock as a potential advantage in the approval process for their spot Bitcoin ETF. Stay tuned for more updates as this dynamic situation unfolds.

BTC/USD Price Chart – Source: Tradingview

BTC/USD - Technical analysis

Bitcoin price has maintained stability and remains above the crucial support level of $30,500. The recent price action has seen a steady increase, breaking through the resistance at $30,820 and even surpassing the $31,000 and $31,400 resistance zones.

At the moment, the BTC/USD is holding its gains and trading just over the 23.6% Fibonacci retracement mark. It is also comfortably positioned above the 100 hourly Simple Moving Average, with a significant bullish trend line forming support around $30,920.

In terms of resistance, the immediate level to watch is around $31,350, followed by the major barrier at $31,400. A successful breakthrough above this level could trigger another strong upward move, potentially pushing the price towards the next significant resistance at $32,000.

Further gains could open doors for a potential move towards the $32,500 and $33,200 resistance zones.

However, if Bitcoin fails to clear the $31,400 resistance, a downside correction might occur. The immediate support level on the downside is expected around $31,000. If the price further declines, the next major support lies near $30,920 and the trend line.

Breaking below this level could lead to a drop towards the 50% Fibonacci retracement level or even towards the $30,550 zone, where the 100 hourly SMA is also located.



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