Bitcoin prices are in a tight trading range when writing. On the last trading day, the coin is steady and at break even in the past trading week.
Technically, buyers are optimistic since prices are within the June 19 bull bar. Besides, the failure of bears to quash gains indicates that sellers could be exhausted, and the recent bear run may be over.
There has been no confirmation of the conspicuous bull bar of Sunday. As such, sellers are, reading from the development in the past few weeks, bearish from a top-down analysis. All the same, a close above this week’s highs could be the trigger for the next leg up.
The SEC Approval of ProShares Short Bitcoin ETF is Massive for BTC
Several factors could buoy demand in the short term. One of them is the recent development in the U.S. The Securities and Exchange Commission (SEC) approved the ProShares Short Bitcoin ETF for the first time.
According to Grayscale Investment, the regulator is confident that the crypto sphere is maturing and that the market is ready for such a derivatives product.
It should also be noted that Grayscale Investment is looking for the SEC to approve its application to convert its Bitcoin Trust into a Bitcoin ETF, tracking the spot rates of BTC. Analysts said Grayscale Investments would likely sue the SEC should they not green-light their application.
Currently, the SEC has failed to approve an ETF that directly tracks the spot price of Bitcoin. Instead, the VanEck ETF tracks the Bitcoin Futures price.
Bitcoin Price Analysis
Bitcoin prices are in range, capped inside the June 19 trade range despite market confidence. Since BTC prices are trending inside the bullish bar and bears have failed to confirm losses of June 18, dashing bulls’ hope, BTC could print higher.
However, from an effort-versus-results perspective, there must be a conclusive high-volume expansion above $23k to validate this outlook. Most importantly, a breakout above $23k would affirm buying pressure, considering the recent higher highs relative to the lower BB.
Considering the current formation, aggressive risk-off traders may buy the dip above $19.5k with immediate targets at $23k. On the other hand, sharp gains above $23k could propel the coin towards $26.7k in the near term.
Deeper losses below $19.5k will nullify the bullish outlook, possibly accelerating the sell-off towards $17.5k.