Bitcoin Crosses Crucial Psychological Benchmark: Here’s What’s Next
Prominent crypto analyst and trader Ali Martinez has shared good news for Bitcoin holders on social media.
Martinez tweeted that the short-term holder cost basis for Bitcoin has reached a crucial psychological mark at $27,900.
If Bitcoin remains above this level, short-term holders who were previously in low profits may see a return to profitability. This could indicate a shift in market sentiment towards bullishness, according to Martinez.
“Bitcoin supply crisis in effect”: Lark Davis
Crypto blogger Lark Davis points out that Bitcoin is being withdrawn from exchanges by both individual and institutional investors on a daily basis.
This supply crisis began before the recent discussions about Bitcoin spot ETFs. Retail investors, whales, and institutions were already accumulating BTC and storing it in cold-storage vaults.
Bitcoin surges on fake BlackRock news
Recent news spread online that the US regulator SEC had approved BlackRock’s Bitcoin ETF filing caused a surge in the BTC price.
However, BlackRock’s CEO, Larry Fink, clarified that the news was false and the filing was still under consideration. As a result, the BTC price has corrected but remains above $28,000.
The first Bitcoin spot ETF could be approved this year, says Mike Novogratz
Globally recognized investor Mike Novogratz believes that the first Bitcoin spot ETF will be approved in the near future.
Novogratz states that there is growing pressure to approve a rational solution, as the American public is eager for a Bitcoin ETF.
This article provides insights into recent developments in the Bitcoin market, including the impact of crucial psychological price levels, the ongoing Bitcoin supply crisis, the influence of fake news, and the potential approval of a Bitcoin spot ETF. It is clear that the Bitcoin market continues to experience significant fluctuations and investor interest, making it a topic of great importance and discussion in the financial world.
