The largest digital asset remains below key technical levels that suggest it remains in a bearish trend despite Tuesday's rally.
Bitcoin and other cryptocurrencies were maintaining gains after a big rally on Tuesday following a pro-crypto court ruling. But bulls should take note: Analysts are still eyeing a bearish outlook for digital asset prices, which remain below key levels.
“Bitcoin pulled back to $27,400, close to the 200-day and 200-week moving averages. The real battle for the long-term trend has just begun, and the next few days could provide a crucial signal for weeks and months ahead,” said Alex Kuptsikevich, an analyst at broker FxPro. Approval of a spot Bitcoin ETF has been heralded as a critical catalyst for digital assets that could usher in a new wave of retail and institutional interest in cryptos. Hype over a Bitcoin ETF has been building since June, when financial stalwarts like BlackRock and Invesco made their own applications for one. W hile approval has not yet happened, it never has looked more likely.“The next targets [for Bitcoin] in this case would be $29,300 and $30,000, respectively.
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