Bitcoin price prediction as BTC breaks $30,000 resistance level – How high can BTC go this week?

Bitcoin price is currently at $30,558 and has seen a slight decline of almost 0.50% on Sunday.

The SEC’s recent rejection of spot bitcoin ETF applications surprised optimistic investors hoping to keep the bitcoin price above $31,000.

Additionally, Cboe has refiled spot bitcoin ETFs in partnership with Coinbase, although the SEC remains cautious.

Additionally, FTX’s successful billion dollar asset recovery has had a positive impact on bitcoin prices.

Stay tuned as we analyze Bitcoin’s potential trajectory and explore the factors influencing its price movement.

Cboe resubmits Bitcoin ETF to Coinbase, SEC remains cautious

The Chicago Board Options Exchange (Cboe) has refiled four 19b-4 files for spot bitcoin exchange-traded funds (ETFs) in response to SEC compliance concerns.

Notably, Coinbase has been included as a partner in the monitoring sharing agreement for these ETFs.

The inclusion of Coinbase as an SSA partner in Cboe’s filings is a significant development, especially given BlackRock’s previous designation of Coinbase as an SSA partner.

However, it’s worth noting that Ark and BlackRock have not resubmitted their applications.

Despite approving several futures ETFs, the SEC remains skeptical about spot bitcoin ETF sponsors’ ability to protect against manipulation and ensure investor safety.

This cautious stance on the part of the regulator is having an impact on the market. Ongoing deliberations and revisions, as well as Coinbase’s involvement, may affect investor sentiment and potentially impact bitcoin prices as market participants assess the prospects of a spot bitcoin ETF within the regulatory landscape.

FTX Recovers Billions in Assets, Positively Impacting Bitcoin Prices

In a significant development, FTX has managed to recover approximately $7 billion in cash, with ongoing efforts to locate additional assets.

However, the extensive commingling of assets has posed challenges to their recovery efforts.

FTX debtors, including FTX and its subsidiaries, currently value the misappropriated client assets at $8.7 billion.

Most of that amount, around $6.4 billion, consists of fiat and stablecoins.

Investigation results suggest that previous FTX leadership intentionally misused client funds, ruling out accidental commingling.

This news has had a positive impact on Bitcoin (BTC) prices and helped mitigate losses over the weekend.

FTX’s recovery of significant assets has likely instilled confidence among market participants and had a positive impact on BTC prices.

Bitcoin Price Prediction

Looking at technical analysis, Bitcoin’s current outlook remains relatively unchanged as it faces a significant hurdle at $31,000.

A successful break of this level could potentially pave the way for more targets at $32,500 and $34,000.

On the other hand, if Bitcoin fails to hold the crucial $30,000 support level, it could face downward pressure towards the 38.2% Fibonacci retracement level at $28,700 or even the 50% retracement level be exposed to $28,000.

Bitcoin Price Prediction – Source: Tradingview

Additionally, the 50-day exponential moving average around $28,000 could be a notable resistance point for any downside in bitcoin price.

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