The Bitcoin and altcoin markets experienced volatility with the opening of the Asian markets following ETF news. The price of BTC increased by 5.5%, surpassing the $43,000 level and exciting investors about the possibility of a new upward trend. In the last 24 hours, Bitcoin’s market value increased by over $50 billion.
Positive developments regarding Bitcoin ETF applications came after BlackRock and WisdomTree submitted an updated S1 filing. Bloomberg’s leading analyst James Seyffart noted significant developments concerning the spot Bitcoin exchange-traded fund (ETF) proposed by BlackRock.
BlackRock made a strategic change by adopting the SEC’s guidance on cash creation, announcing that only the cash approach would be accepted and discussions about other types of creation would be postponed to a later date. This strategic move was interpreted as a stable step by BlackRock, bringing together all elements for the upcoming process.
Following BlackRock’s decision, the emphasis on cash creations in the S-1 amendment was seen as a positive decision for the advancement of the company’s spot Bitcoin ETF. Shortly after BlackRock, WisdomTree also announced an S-1 amendment.
Crypto analyst Ali Martinez highlighted a descending triangle pattern forming on the hourly chart by shedding light on Bitcoin’s current chart formation. Martinez pointed out the significant support levels at $41,900 and $40,700 as key focal points for traders. Breaking these levels could trigger a sharp price movement in Bitcoin’s price ranging between 8% to 9%.