Decentral Block Post

A large part of the recent leg of Bitcoin’s (BTC) rally started after BlackRock filed to list a spot Bitcoin exchange-traded fund (ETF) on June 15. Several applications by other firms have been rejected by the United States Securities and Exchange Commission in the past. However, BlackRock’s filing has a 50% possibility of getting approved, said Bloomberg senior ETF analyst Eric Balchunas. 

Another bullish catalyst for the cryptocurrency markets could be a filing by asset manager Fidelity Investments to launch its Bitcoin spot ETF. CoinShares Chief Strategy Officer Meltem Demirors said that firms managing $27 trillion of assets are “actively” pursuing efforts to allow their clients exposure in the crypto space.

Most of the focus in recent days has been on institutional money but the retail trader’s power should not be underestimated. Fireblocks CEO and co-founder Michael Shaulov said in an interview with Cointelegraph that institutional entry may not boost prices higher because they are likely to do it in such a way as to avoid large price bursts. Shaulov said there was a significant inflow of institutional money in 2020 but the prices did not appreciate until retail investors entered.

Will Bitcoin and altcoins break out of their respective overhead resistance levels or could they start a short-term correction? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin price analysis

Buyers tried to catapult Bitcoin above the overhead resistance of $31,000 on June 27 but the bears did not budge. This keeps the price stuck inside the tight range between $31,000 and $29,500.

Bitcoin (BTC) staged another retest of $30,000 support on June 28 as the United States Federal Reserve stayed hawkish on inflation.

Powell on rate hikes: “More restriction coming”

Data from Cointelegraph Markets Pro and TradingView showed BTC price action sticking to a narrow range at the Wall Street open.

This accompanied fresh comments on economic policy from Fed Chair Jerome Powell.

Speaking during a two-day discussion with other central bank heads at the European Central Bank Forum on Central Banking 2023 in Sintra, Portugal, Powell reiterated Fed consensus for further interest rate hikes this year.

Having paused the hiking cycle, which began in late 2021, this month, Powell nonetheless stressed that there was still room for further policy tightening.