Pre Open US - BTCUSD 18 July 2023

While the stock market has been on an upward trend recently, with gains seen in the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite, the cryptocurrency market has experienced a lack of momentum, failing to keep up with the positive catalysts of late.

In June, Bitcoin witnessed a surge above $30,000 following new applications for spot Bitcoin exchange-traded funds and a favorable outcome in a significant court case involving Ripple and the Securities and Exchange Commission, which provided a boost to the market.

The U.S. Securities and Exchange Commission (SEC) has now officially recognized another proposal for a Bitcoin Exchange-Traded Fund (ETF), signaling a positive outlook for Bitcoin. Valkyrie's Bitcoin ETF is the latest proposal to gain acknowledgment, joining a series of recent applications. Notably, Valkyrie stands out as the only applicant in this round to have chosen a ticker symbol for their ETF: BRRR.

Currently, Bitcoin (BTC) is experiencing a range-bound price action formation, with the resistance level at 31,800 and the support level at 29,900. Traders are paying close attention to the weekly chart, specifically watching for a potential breakout above the 100-day moving average (100MA). A successful breakout above this level has the potential to drive the price toward the initial resistance at 36,000.