This Event Causes Bitcoin Traders’ Sentiment To Rise, Will BTC Surpass $30,000?
August 15 2023 - 1:00PM
NEWSBTC
The Bitcoin price continues to compress around its current levels,
but during today’s trading session, there was an uptick in
volatility. The rise in this metric could hint at a shift in the
narratives influencing BTC’s price action. Related Reading: Bitcoin
Prediction: Crypto Analyst Forecasts New ATH by 2024 – Can It
Happen? As of this writing, Bitcoin trades at $29,300 with sideways
movement in the last 24 hours. In the previous seven days, the
cryptocurrency saw similar action pushing other assets in a similar
direction or no direction as the sector flatlines in the short
term. Bitcoin ETF Becomes Dominant Narrative In Crypto Market? In a
recent market update, crypto analysis firm Blofin pointed to an
uptick in market sentiment. Coupled with a rise in volatility,
market participants are reacting to the potential announcement from
the US Securities Exchange Commission (SEC) around a spot Bitcoin
ETF. The Commission is set to rule on asset manager Grayscale’s
petition to transform their Grayscale Bitcoin Trust (GBTC) into an
ETF. The decision was supposed to come out today, Blofin stated,
but it could drag on until this Friday, August 18th. If the SEC
postpones the decision for any reason, as it did with Ark’s
petition, the market will likely keep moving sideways. In that
sense, development around the ETF decision is gaining strength over
macroeconomic dynamics. This change in dynamics is more evident in
the derivatives sector, with options traders becoming more bullish
for the coming months. Blofin noted the following on this dynamic:
(…) The news above (on the Bitcoin ETF approval) has promoted the
rapid rise of short-term bullish sentiment and uncertainty in the
market (…). It appears that investors are waiting for good news
related to the spot Bitcoin ETF. And “smart” traders are
positioning accordingly. The report notes that the open interest
for options contracts is skewed to the call (buy) side. Related
Reading: XRP Price at Potentially Significant Turning Point, Key
Support Nearby As data from the derivatives platform Deribit shows,
traders are betting that the price of Bitcoin will rise above
$30,000 by the end of August or September. As seen on the chart
below, 57,000 contracts will expire by the end of this month and
90,700 next month. Coupled with the rise in Open Interest skewed to
the call side, the chart above shows that traders are betting on a
Bitcoin rally above $30,000 to $40,000. The spot BTC ETF decision
will move the market, particularly at the end of August and
September. Cover image from Unsplash, chart from Tradingview
Mina (COIN:MINAUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Mina (COIN:MINAUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024