Bitcoin has been on the rise for the past three days and continues to gain significant momentum. Traders believe that the Bitcoin CME Gap will soon fill at $34k-35k. Also, they are talking about a major BTC price rally in July.
Bitcoin CME about to fill the gap between 34K-35K dollars
Bitcoin recorded the expected pullback as traders took profits. But sentiment remained high for $35,000. Bitcoin bulls are holding the $30,000 level strongly. Interest in crypto assets continues to grow as traditional financial firms (TradFi) flock to the industry. cryptocoin.comAs you follow, the BlackRock iShares spot Bitcoin ETF application started a chain reaction as many financial giants such as Valkyrie Investments, Invesco, WisdomTree and Bitwise took action to apply for Bitcoin ETFs. This has spread the institutional rush towards crypto around the world.
Investors expect Bitcoin to fill the CME Bitcoin Futures gap between $34,455 and $35,180. The CME gap refers to the price difference that occurs between the closing price of the Chicago Mercantile Exchange (CME) Bitcoin futures market on Friday and the opening price on Sunday. Although there is strong resistance above $30,000, traders believe the CME gap will be filled soon. The most important point to note is the weekly and monthly closing on 30 June.
Over 145,000 BTC options with a face value of $4.5 billion are about to expire on Friday, June 30. The Buy/Sell Ratio is 0.52 and there are 95 thousand open positions to buy and 49 thousand to sell. Maximum pain at 25,000. The maximum pain point is the price at which the largest number of option holders face financial loss. Currently, BTC price is trading close to the $30,750 level.
Bitcoin futures prices for July are higher in early US trading on Friday and are close to this week’s highest contract. The bulls have gained a solid overall short-term technical advantage after this week’s strong price gains. The path of least resistance for prices is from the horizontal to the upside in the near term. “Bitcoin dominance is reaching an interesting resistance point,” says popular analyst Michaël van de Poppe.
Bitcoin Fear and Greed Index is ‘Greed’
Currently, the Bitcoin Fear and Greed Index is at one of its highest levels in a year. After being in the neutral and fear zone for a long time, Bitcoin has finally returned to the greed zone once again. This indicates the positive emotions of investors. The index is currently at 65 points. Moreover, it continues its bullish trend on Thursday. It is now almost 20 points above last week’s cumulative value of 47. This suggests that investor sentiment has made a real leap from fear to greed.
The index was last this high in April when the price of Bitcoin crossed the $31,000 level for the first time in 2023. So, it is possible that the current rally will continue over time, given that the rally that took BTC above $31,000 in April lasted for about a month. As of now, the crypto market has been bullish for just two days. Therefore, it is too early for buyers to run out. As more investors feel greedy and rush into the market to take advantage of the recovery, it will push the price higher.
$35,000 BTC possible!
The rally in the crypto market is progressing as institutional investors enter the space. This includes BlackRock and WisdomTree’s filing for Bitcoin ETFs. Now, the response from the Securities and Exchange Commission (SEC) is not expected for a few more months, leaving room for speculation to continue driving up the price of assets. According to analyst Best Owie, this positive sentiment surrounding ETF filings is likely to push the price as high as the next big resistance for BTC at $35,000. Once that happens, $40,000 will be the next level to be surpassed. Exhaustion and downward correction likely at this point.
If ETFs are approved this year, the price of BTC will likely soar to an all-time high of $69,000 as approximately $20 billion of initial institutional investor funds are expected to flow into the market. As time goes on, this entry will continue to increase and support the price of the digital asset.
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