As market attention is focused on the actions of the Fed and rising geopolitical tensions, the main cryptocurrency, Bitcoin, is gaining momentum and approaching a key threshold.
Several key pieces of information have emerged on Bitcoin, leading to improved market sentiment. Moreover, each subsequent piece of potentially market-scaring news increasingly results in fewer declines, indicating investors' reluctance to sell Bitcoin at current levels. A few facts to consider:
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The false news about Blackrock's Bitcoin ETF application acceptance on October 16th showcased to investors the potential for growth upon official application approvals. Bitcoin gained 10% in just a few seconds, with the price nearing 30k USD.
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According to many analysts, including those from Blackrock, the chances of ETF application acceptance have risen to over 90%. Individuals directly involved with Blackrock claim that such an application will be accepted within 3-6 months.
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The deteriorating situation of Chinese regional banks was another stimulus driving capital inflow into Bitcoin on October 16th.
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Last evening, it was revealed that the federal court is ready to formalize Grayscale's victory over the Securities and Exchange Commission in a dispute about the spot bitcoin ETF application. This means the SEC did not win, allowing for a reapplication for a Bitcoin spot ETF, which Grayscale proceeded to do.
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Grayscale Investments submitted a new application to the SEC after the Appellate Court ruled that the regulator must re-examine the company's application.
Bitcoin's price has been following a stable upward channel, forming higher lows, since mid-September 2023. Bitcoin broke above the resistance at 28,200 USD on October 16th, and despite a quick correction, it did not return below this zone. Currently, the price is heading towards another resistance zone at 29,700 - 30,000 USD. This is a key level, the breach of which previously caused a drop to 25,000 USD. On-chain data, indicating that over 75% of investors are long-term, combined with the upcoming halving, should positively impact Bitcoin's price.
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