#News Yesterday we also experienced a rapid rise in #bitcoin.
Let's take a look at why this rise has come. In short, to summarize, expectations continue to be bought after the #Blackrock Spot ETF application. We have completely decoupled from global markets and returned to a big uptrend only with this ETF expectation. Another issue supporting the rise here is the very serious volume and price increase in #Greyscale's #Btc fund (GBTC).
If the BlackRock ETF is approved, it will have a positive impact on GBTC's application. As a result, GBTC will actually turn into an ETF. They had been eaten RED by spot before. Investors are pricing that the GBTC fund in the derivatives market will also turn into an ETF today, and this indirectly pushes up the price in bitcoin. #dyor
I hope that the Blackrock ETF application will not be decided by the SEC with a negative result. If this happens, we will have a disaster. There must be a RED eating situation in the corner of our mind. The decision will be announced on average in 35-40 working days. As for Bitcoin, our main resistance and support point is $ 29,200, our important resistance levels. $28,000 is also our support levels that are waiting for us below. The upper channel fracture zone that we see in the graph is the 31.400 region.