Following a recent sense of enthusiasm around the approval of Bitcoin exchange-traded funds (ETFs), there has been a shift in market sentiment and the price of Bitcoin dipped slightly. This followed a wave of rising ETF applications in the United States that was initially expected to bring substantial changes to the Bitcoin market. However, a recent analysis by JPMorgan concluded that the American ETF landscape may not hold the transformative potential many anticipated.
There has been a lull in confidence following ongoing ETF applications–including one from Wall Street powerhouse BlackRock. The JPMorgan report emphasized that similar products in Canada and Europe saw limited customer engagement, causing unease about the future viability of Bitcoin ETFs. Despite this uncertainty, large Bitcoin holders, often referred to as ‘whales’, seem to hold a more optimistic stance. According to Sentiment, a blockchain data tracker, these ‘whales’ accumulated an additional equivalent of nearly $2.15 billion in Bitcoin since July 17, showing a strong vote of confidence that opposes the JPMorgan analysis.
In other news, Democratic presidential candidate Robert F. Kennedy Jr. surprised many by revealing his ownership of Bitcoin, valued between $100,001 and $250,000. This revelation came as a surprise as Kennedy had previously stated that he didn’t invest in Bitcoin, with his wife being the apparent owner. Kennedy has been openly supportive of Bitcoin among the Democratic candidates, and his campaign has even announced Bitcoin contributions will be accepted.
Prolific Bitcoin supporters such as Block CEO Jack Dorsey have shown their support for Kennedy, who they believe could potentially compete with Florida Governor Ron DeSantis or Donald Trump in the general election. Nonetheless, recent studies revealed that 65% of respondents still preferred President Joe Biden over John F. Kennedy, with just 14% favoring Kennedy.
For the time being, Bitcoin seems to be trading sideways within a narrow range. The critical resistance and support levels appear to be $30,500 and $30,000 respectively. If Bitcoin manages to break through the $30,500 level, the price could drive towards $31,000 or even $31,350. However, if it falters below the $30,000 mark, it could potentially find its way down towards $29,700, $29,250, or even $29,000.
As you navigate the ever-changing world of digital assets, be sure to keep a keen eye on new Initial Coin Offering (ICO) projects and alternative cryptocurrencies. Don’t forget to consider the inherent volatility and high risk associated with these investments. Always conduct thorough research before making any financial decisions.
Source: Cryptonews
