The Approval of Bitcoin Spot ETFs Now Seems Inevitable. The Price of Bitcoin Once Again Exceeds $30K.
Some musings.
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As we head into the weekend, the Bitcoin market is in a rather Bullish mood as you can see as the Bitcoin price surpassed $30K a few minutes earlier today:
What's interesting to note here is that, in the end, it was the fake news of the approval of BlackRock's Bitcoin Spot ETF that enabled the Bitcoin price to break through the $28K resistance against which it had been stumbling for some time.
Fake News Sends Bitcoin’s Price Soaring in Minutes, and Gives a Taste of What’s To Expect When Bitcoin Spot ETFs Are Approved.
Yesterday morning, I was looking at a Bitcoin price chart showing why the Bitcoin price couldn't break the $28K barrier: This chart showed us a veritable selling wall at the $28K level. When you see this type of chart, you understand that some people don't want the price of Bitcoin to cross this price. Current market dynamics are influenced by such massive orders. Traders therefore spend an enormous amount of time keeping a close eye on it.
Even after Cointelegraph announced the fake news, the price of Bitcoin remained above $28K.
At the time of writing, the price of Bitcoin is around $29.5K.
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