BTC experiences a period of stagnation, while Fidelity shows interest in a bitcoin ETF.
On Wednesday, BTC hovers around $30,424.
Investors continue to await positive momentum to guide their buying decisions. The correlation with the US stock market remains low due to the abundance of domestic news.
The longer the consolidation period for BTC persists, the higher the likelihood of a minor decline in the leading cryptocurrency.
An important support level remains at $29,600-$29,650, while the first resistance is observed at $31,150, followed by $32,400.
The total market capitalization of cryptocurrencies has reached $1.180 trillion. BTC’s dominance has risen to 50.2%, while ETH’s market share has decreased to 19.0%.
Fidelity’s plans for a Bitcoin ETF
Fidelity intends to submit an application to the SEC for the launch of a spot Bitcoin ETF. While previous attempts by the company were rejected, Fidelity’s current assets under management amount to $11 trillion, highlighting the potential scale of the project.
BTC’s potential growth tied to the upcoming halving event
The market views the potential limited supply of BTC as a strong bullish signal for the long term. The anticipated event is the halving scheduled for April 2024, which will reduce the number of newly mined BTC available to miners.
The post The Cryptocurrency Market Update. Overview for June 28, 2023 appeared first at R Blog – RoboForex.