BTC/USD: Bitcoin Downturn Seems to be Coming to an End With Impressive Rally

Key points:
  • The price of BTC has been looking more bullish this week, signaling that its downturn might be coming to an end.
  • The positive price movement is being caused in part by filings for spot Bitcoin ETFs made by the likes of BlackRock.
  • After the SEC’s recent lawsuits against Binance and Coinbase however, it seems unlikely that they will be approved.
Illustration by TradingView

After facing some headwinds since April this year at around the $30,000 mark, Bitcoin has been making a bit of a comeback this week. Since the week began, BTC has logged a more than 14% gain in a positive sign for the space. BTC is now sitting at a price of around $30,000, with some analysts suggesting that the cryptocurrency could soon cross back over the $30,400 mark, and if it were to break through $31,035 – it would be the highest BTC price seen since June 2022.

The cause of the optimism lies in the recent spot Bitcoin ETF filings, which have been made by major institutional players such as BlackRock. Whether those ETFs will be approved however, is a different story. Firstly because they would be the first of their kind and secondly because the Securities and Exchange Commission (SEC) (which would be responsible for approving them) has been taking a decidedly anti-crypto stance recently with its latest enforcement actions against major crypto exchanges such as Binance.

(About Bitcoin)

Bitcoin is the original decentralized digital currency that was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. It operates on a decentralized peer-to-peer network, meaning that transactions can occur directly between users without the need for intermediaries like banks. Bitcoin uses cryptography to secure transactions and to control the creation of new units of the currency. Transactions are recorded on a public ledger called the blockchain, which allows anyone to verify the validity of a transaction and the ownership of bitcoins. The total supply of bitcoins is limited to 21 million, which is expected to be reached around the year 2140. Bitcoin's price is highly volatile, and it has experienced numerous boom and bust cycles over the years.