Bitcoin Weekly News

Will Bitcoin Break Out of the Range This Week?

Bitcoin’s price movement is getting really boring with time. Previously, Bitcoin was known for its volatile nature but the current price movements are really weird. From June 22 to July 23, Bitcoin traded in a tight range and the price broke below the range on July 24th. Most traders were expecting a further price drop from this level but Bitcoin developed a new range.

And it’s now trading in the range for the past 3 weeks. Overall, it’s been around 2 months that Bitcoin is struggling to break out of the range after a strong upside momentum. Most investors are expecting a bullish momentum because historical price movements support this opinion. However, the following Bitcoin news may give a better idea of the direction Bitcoin may adopt over the coming days.

Key Takeaways: –

  • Bitcoin’s price movement has become stagnant and uncharacteristically steady, forming new ranges after breaking previous ones.
  • Anticipation for the approval of a Bitcoin ETF in the US is high, with potentially positive effects on market maturity and mainstream crypto acceptance.
  • Fundstrat predicts Bitcoin could achieve a new all-time high of $180,000 before the April 2024 halving event, attributing this to shifting supply and demand dynamics.

Bitcoin ETFs can Play an Essential Role

Many investors are waiting for the approval of a Bitcoin ETF in the United States because it will potentially strengthen the crypto market. Investors believe that it can contribute to market maturity while enhancing the mainstream acceptance of cryptocurrencies. A huge number of ETFs entered the market when the first ETF was approved in 1993.

So, investors are expecting a similar trend in the crypto market. As financial institutions are investing in the crypto space, the demand for custody solutions is swiftly increasing. Institutional investors are concerned about fraud and market manipulation. Therefore, regulatory actions are required to address the issues of these investors.

The approval of a Bitcoin ETF will potentially launch a domino effect in the crypto market. And it will ultimately revolutionize the financial landscape.

Bitcoin’s Price Action is Beginning to Mirror the 2015-2017 Price Action

Bitcoin’s current price action is mirroring the behavior it followed during the previous bull runs. Historically, the four-year Bitcoin cycle has shown some massive price moves. The current boring price action of Bitcoin has many similarities with the period between 2015 to 2017.

Historically, whenever Bitcoin made a new all-time high (ATH), its price dropped by 80% and consolidated for some time. And after that, a strong bull run was observed in the asset. Bitcoin halving has also played a vital role in Bitcoin’s price action. During the last two halvings, Bitcoin bottomed out around 18 months before the halving and a new all-time high was observed around seven months after the halving.

A number of factors like economic indicators, market behavior, and historical trends are indicating that Bitcoin is getting ready for the next bull run.

Bitcoin Price Prediction by Fundstrat

Fundstrat, a financial services company, has made a critical price prediction about Bitcoin saying that the digital asset will reach an all-time high of $180,000 before the halving event in April 2024. Fundstrat has mentioned that the anticipated approval of a Bitcoin ETF has significantly increased the demand for Bitcoin.

The company is expecting an equilibrium price increase in Bitcoin due to the shift in supply and demand. The company believes that the approval of the Blackrock Bitcoin ETF will pave the way for a number of other ETFs. But some investors think that the arrival of ETFs will potentially lead to a high level of manipulation.

Fundstrat has made some similar predictions in the past and the company is confident about Bitcoin’s price reaching a six-digit territory.

EU’s First Spot Bitcoin ETF

Europe’s first spot Bitcoin ETF, Jacobi FT Wilshere Bitcoin ETF, has finally got approval from the authorities after a long delay due to market conditions. The investors need to pay a 1.5% annual management fee for this fund. Unlike Exchange Traded Notes (ETNs), the ETF provides investors with ownership of the funds.

Jacobi is dedicated to aligning with the environmental and social goals of the investors. Therefore, it has created a Renewable Energy Certificate solution in collaboration with Zumo. Unlike the United States, Europe is following a proactive approach to providing a regulated environment for crypto investors. However, it’s a positive indication for the US-based ETFs that are waiting for approval.

SEC has Delayed All Bitcoin ETF Decisions to 2024

The US Securities and Exchange Commission (SEC) has delayed all Bitcoin ETF decisions to early 2024 due to regulatory concerns. The institution needs to conduct throughout evaluations before making a decision. Although SEC supports the Bitcoin futures contract, it hasn’t yet granted the Bitcoin Spot ETFs.

The ongoing regulatory concerns can be the reason why SEC’s taking a cautious approach. Some investors think that the SEC’s approach to ETF approvals might be affected by the cases it has filed against crypto players like Binance, Coinbase, and Ripple. The future of crypto investment in the US is being tied to the Bitcoin ETF applications by major companies like ARK Invest and BlackRock.

Some analysts claim that there’s a 65% chance that the SEC will approve Bitcoin Spot ETFs.

Bitcoin Weekly Technical Analysis

Bitcoin Weekly Updates

Before starting its new leg on 15th June, Bitcoin was trading in a sideways channel but it was making some significant moves all the way. But after the upside momentum, Bitcoin’s price movement has become quite boring. It started a tight range on June 23 and continued till July 23 (almost a whole month).

On July 24, the price broke below this range and the investors started expecting a decline but the price entered a new and even tighter range. Most analysts think that the price will break below this range sooner than later. But it will be too early to predict because the current price range is showing a strong fight between buyers and sellers.

And the higher chances are that the buyers will take the lead eventually and the price will potentially target the $31,800 level again.


As Bitcoin’s price stalls within new ranges and anticipation mounts for a potential US Bitcoin ETF approval, the crypto market remains poised for transformative shifts. Parallels with past bull cycles, coupled with predictions of an all-time high and the recent approval of Europe’s first spot Bitcoin ETF, highlight the evolving landscape. 

Amidst the mundane price action, the crypto world anticipates pivotal developments that could reshape its trajectory. We invite you to subscribe to our Bitcoin weekly newsletter if you need regular updates about Bitcoin and the crypto market.