Trading & Financial News
No Result
View All Result
Friday, April 18, 2025
  • Login
  • Economy
  • Markets
  • Forex News
  • Investing
  • Stock Trading
  • Crypto
Subscribe
Trading & Financial News
  • Economy
  • Markets
  • Forex News
  • Investing
  • Stock Trading
  • Crypto
No Result
View All Result
Trading & Financial News
No Result
View All Result
Home Crypto

Bitcoin Price Prediction as $29,000 Level Holds Stable – Here are Key Levels to Watch

by Tradinghow
August 8, 2023
in Crypto, Stock Trading
A A
0
Bitcoin Price Prediction as ,000 Level Holds Stable – Here are Key Levels to Watch
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter


As Bitcoin maintains its position around the $29,000 threshold, several market dynamics emerge, offering potential trajectories for the world’s leading cryptocurrency.

The sentiment surrounding BTC witnessed a positive shift post the encouraging remarks by renowned investor Cathie Wood. 

Moreover, a recent report by CoinShares highlights an evolving landscape among institutional investors, with a noticeable decrease in the shorting of Bitcoin.

As these factors intertwine, the path ahead for Bitcoin’s price becomes intriguing, warranting close observation of key levels in the coming days.

https://primexbt.investments/start_trading/?cxd=459_549985&pid=459&promo=[afp7]&type=IB https://primexbt.investments/start_trading/?cxd=459_549985&pid=459&promo=[afp7]&type=IB https://primexbt.investments/start_trading/?cxd=459_549985&pid=459&promo=[afp7]&type=IB

BTC Price Outlook Improved After Cathie Wood’s Statement

Bitcoin (BTC) prices are currently being influenced by the upcoming decision from the US Securities and Exchange Commission (SEC) on ARK Invest’s Bitcoin ETF application before August 13th. 

According to an interview with Bloomberg, respected investor Cathie Wood anticipates that the SEC may extend the decision deadline.

There is a possibility that the SEC may approve more than one Bitcoin ETF at the same time, as suggested by Wood. 

She explains that if such an approval happens, the offerings are likely to be similar, but differentiated through marketing and messaging.

With various firms, including ARK Invest and BlackRock Inc., seeking approval for their ETFs, the regulatory decisions made will greatly impact the cryptocurrency market’s short-term direction.

Institutional Investors Shift Approach as Shorting of Bitcoin Declines: CoinShares Report

According to the most recent fund report from CoinShares, institutional investors have altered their approach toward Bitcoin (BTC). 

The report indicates that there have been no more outflows from short Bitcoin products for the first time in fourteen weeks, which suggests that significant digital asset funds are adopting a different strategy. 

The report features several prominent products, including Grayscale’s GBTC fund, Bitwise’s 10 Crypto Index Fund, and ProShares ETF (BITO).

In recent times, institutional investors have been selling Bitcoin-related funds, amounting to over $111 million in the past week. 

This is due to regulatory scrutiny, lawsuits against industry players, and changing market dynamics. 

However, some altcoins such as Solana, Ripple (XRP), and Litecoin (LTC) are gaining institutional interest despite the circumstances. 

Interestingly, BTC regained positive momentum on Tuesday, possibly due to this report. Short positions have also been dropped temporarily.

Bitcoin Price Prediction 

The price of Bitcoin is facing obstacles as it attempts to surpass $29,500. If the support at $28,800 is not maintained, there could be negative consequences.

There is a noticeable bearish trend line forming around $29,100, which is making it difficult for Bitcoin to break through the $29,200 resistance. 

Bitcoin’s immediate resistance is currently near $29,100, with additional resistance at $29,400 and $29,500 levels. It is currently trading below the 100 hourly Simple Moving Average.

Bitcoin Price Chart – Source: Tradingview

If the price surpasses $29,750, it could indicate an upward movement. However, if it fails, the value may drop towards $29,000 and potentially $28,800 or even $28,400.

Top 15 Cryptocurrencies to Watch in 2023

Get ahead of the game and stay up-to-date with the latest ICO projects and alternative cryptocurrencies. 

Our collection of the top 15 digital assets to watch in 2023 has been carefully selected by a team of industry experts from Industry Talk and Cryptonews.

You’ll receive professional guidance and valuable information to help you navigate the constantly evolving world of cryptocurrency. 

Discover the full potential of these digital assets and keep yourself informed.

Find The Best Price to Buy/Sell Cryptocurrency

Cryptocurrency Price Tracker – Source: Cryptonews

Disclaimer: Cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication – cryptocurrencies are highly volatile investments with considerable risk, always do your own research.





Source link

  • Trending
  • Comments
  • Latest
The Evolving International Cannabis Landscape

The Evolving International Cannabis Landscape

March 20, 2024
UK Faces Two Decades of No Earnings Growth and More Austerity

UK Faces Two Decades of No Earnings Growth and More Austerity

July 29, 2023
Emirates Steel drops interest in Thyssenkrupp steel unit

Emirates Steel drops interest in Thyssenkrupp steel unit

July 27, 2023
Uniswap Launches Permissionless Bridging Across 9 Networks

Uniswap Launches Permissionless Bridging Across 9 Networks

October 24, 2024
High Street Retailers Pin Hopes On Discount Splurge In Black Friday Fever

High Street Retailers Pin Hopes On Discount Splurge In Black Friday Fever

0
UK Faces Two Decades of No Earnings Growth and More Austerity

UK Faces Two Decades of No Earnings Growth and More Austerity

0
Learn how to trade. For beginners

Learn how to trade. For beginners

0
Trading for beginners

Trading for beginners

0
Kim Soo Hyun breaks silence on financial trouble amid lawsuit discrepancy: ‘We did not fail to pay…’ | Web-series News

Kim Soo Hyun breaks silence on financial trouble amid lawsuit discrepancy: ‘We did not fail to pay…’ | Web-series News

April 18, 2025
Mortgage Rate Fatigue? Here’s How to Get Off the Seesaw of Wondering When to Buy

Mortgage Rate Fatigue? Here’s How to Get Off the Seesaw of Wondering When to Buy

April 18, 2025
TransPacific Cargo Trade Decimated by Trump’s Tariff War

TransPacific Cargo Trade Decimated by Trump’s Tariff War

April 18, 2025
GITEX Nigeria 2025: Government Support Fuels New Tech Era

GITEX Nigeria 2025: Government Support Fuels New Tech Era

April 17, 2025

Recent News

Kim Soo Hyun breaks silence on financial trouble amid lawsuit discrepancy: ‘We did not fail to pay…’ | Web-series News

Kim Soo Hyun breaks silence on financial trouble amid lawsuit discrepancy: ‘We did not fail to pay…’ | Web-series News

April 18, 2025
Mortgage Rate Fatigue? Here’s How to Get Off the Seesaw of Wondering When to Buy

Mortgage Rate Fatigue? Here’s How to Get Off the Seesaw of Wondering When to Buy

April 18, 2025

Categories

  • Business
  • Crypto
  • Economy
  • Forex News
  • Investing
  • Markets
  • More
  • Stock Trading
  • Trading for beginners

Site Navigation

  • Home
  • Contact Us
  • Stock Trading
  • Markets
  • Investing
  • Other Links
  • Privacy & Policy
Trading & Financial News

We bring you the fastest breaking news on Trading, forex, and finance submitted from credible and reliable news sources around the world.

© 2023 Tradinghow Useful forex analysis and financial news, submitted by credible news sources around the world.tradinghow.

No Result
View All Result
  • Contact Us
  • Home
  • Economy
  • Crypto
  • Investing
  • Markets
  • Forex News
  • Stock Trading

© 2023 Tradinghow Useful forex analysis and financial news, submitted by credible news sources around the world.tradinghow.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In