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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

This Event Causes Bitcoin Traders’ Sentiment To Rise, Will BTC Surpass $30,000?

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
Bitcoin Price BTC BTCUSDT

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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.

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Bitcoin Prediction: Crypto Analyst Forecasts New ATH by 2024 – Can It Happen?

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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 price BTC BTCUSDT
BTC’s price is moving sideways on the daily chart. Source: BTCUSDT Tradingview

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

Ripple (XRP)

XRP Price at Potentially Significant Turning Point, Key Support Nearby

1 year ago

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.

Bitcoin price BTC BTCUSDT Chart OI
Open Interest in the BTC options market skewed to the call side. Source: Deribit

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

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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