BlackRock, the world's biggest asset manager, filed for a spot Bitcoin exchange-traded fund on June 15. Similar applications were filed by WisdomTree and Invesco on June 20. Cryptocurrency fund manager Valkyrie added to the rush with a filing on June 21. There are rumors that Fidelity may also follow suit.

These filings gave a boost to the cryptocurrency sector because some believe that if an ETF is approved, it could attract investors who may want exposure to Bitcoin but are uncomfortable buying it. The flurry of applications triggered an inflow of $199 million in digital asset investment products, the largest weekly inflow since July 2022, according to CoinShares’ weekly report. Bitcoin behaved positively, rising from $24,750 on June 15 to hit a 52-week high of $31,444 on June 23

Bitcoin bounced off the $25,000 support on June 15 and soared above the descending channel on June 20. This indicated the end of the corrective phase. The momentum picked up further and the bulls pushed the price above the overhead resistance at $31,050 on June 23. However, the bears are not willing to give up and are fiercely defending this level.

A minor positive in favor of the bulls is that they are not rushing to the exit. This suggests that buyers are expecting a move above $31,050. If that happens, the BTC/USD pair may start the next leg of the up-move. There is a minor resistance at $32,400 but it may not hold the rally for long. If this level is scaled, the pair may surge to $40,000 as there is no major resistance in between.

The upsloping 20-day exponential moving average (EMA) and the relative strength index (RSI) in the positive territory also indicate that the path of least resistance is to the upside. The first sign of weakness will be a break and close below the immediate support of $29,500. That could result in a decline to the 20-day EMA. If this support cracks, it will suggest that the pair may oscillate inside the large range between $31,050 and $25,000 for a while longer.

Lastly please check out the advancement’s happening in the cryptocurrency world.

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