Price analysis 6/28: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, LTC, MATIC, DOT
A large part of the recent leg of Bitcoin’s rally started after BlackRock filed to list a spot Bitcoin exchange-traded fund (ETF) on June 15. Several applications by other firms have been rejected by the United States Securities and Exchange Commission in the past. However, BlackRock’s filing has a 50% possibility of getting approved, said Bloomberg senior ETF analyst Eric Balchunas.
Another bullish catalyst for the cryptocurrency markets could be a filing by asset manager Fidelity Investments to launch its Bitcoin (BTC) spot ETF. CoinShares chief strategy officer Meltem Demirors said that firms managing $27 trillion of assets are “actively” pursuing efforts to allow their clients exposure in the crypto space.
Most of the focus in recent days has been on institutional money, but the retail trader’s power should not be underestimated. Fireblocks CEO and co-founder Michael Shaulov said in an interview with Cointelegraph that institutional entry may not boost prices higher because institutions are likely to do it in such a way as to avoid large price bursts. Shaulov said there was a significant inflow of institutional money in 2020, but the prices did not appreciate until retail investors entered.
Will Bitcoin and altcoins break out of their respective overhead resistance levels, or could they start a short-term correction? Let’s study the charts of the top 10 cryptocurrencies to find out.
Buyers tried to catapult Bitcoin above the overhead resistance of $31,000 on June 27, but the bears did not budge. This kept the price stuck inside the tight range between $31,000 and $29,500.
The bears are likely to make an attempt to sink the price below $29,500, but if bulls protect this level, it will indicate strength. The rising 20-day
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