Bitcoin hit at session low in the past hour, briefly trading below $30,000. It has since bounced back above that level though as the range since mid-June holds.
Bitcoin jumped from $26,000 to $31,500 after Blackrock and several others filed applications to list bitcoin ETFs. The speculation is that Blackrock believes or knows they will be approved, creating an easier way for investors to own bitcoin.
Last week, an attempt to push the range higher failed and now the consolidation just above $30,000 continues. We wait. Whatever regulators decide will dictate the next $5K move in BTC. There’s no indication of how long it will take the SEC to make a decision but by rule it has up to 240 days.
Here is some background on what the SEC might decide.