Pre Open US - Cryptocurrency 20 July 2023

The U.K. government has rejected a proposal from the U.K. Treasury Committee to regulate crypto retail trading similar to gambling. It firmly disagrees with the Committee's stance.

During the second quarter of 2023, the Grayscale Bitcoin Trust (GBTC) proved to be one of the best performers at Cathie Wood's ARK Invest.

According to ARK's latest quarterly ETF Report, released on July 19, GBTC significantly contributed to the success of the ARK Next Generation Internet exchange-traded fund (ARKW) in Q2.

NYDIG, a prominent crypto trading firm, released a research report suggesting that the introduction of Bitcoin spot-based exchange-traded funds (ETFs) could potentially create $30 billion in new demand for Bitcoin, the world's largest digital asset. CoinDesk reported this information today.

BTC news, analysis, and On-Chain analysis all indicate a forming bullish run.

Technically, 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.