The price of Bitcoin dropped unexpectedly after the SEC stated that recent filings to start a spot Bitcoin ETF were insufficient. Spot Bitcoin ETF applications from BlackRock and Fidelity, among others, have contributed to Bitcoin's recent rise.
According to the Wall Street Journal, the U.S. Securities and Exchange Commission stated that the registration of spot Bitcoin ETFs was insufficient, as it told the Nasdaq that recent filings by businesses such as BlackRock and Fidelity were not clear and comprehensive.
According to the article, the SEC returned the documents. The market fell within 30 minutes as a result of the news. Wu Blockchain, citing Coinglass statistics, stated that the total crypto liquidation in the previous hour hit $84 million.
The news caused the price of Bitcoin (BTC) to drop by $1,000, or more than 3%, in a matter of minutes. Bitcoin fell to lows of $29,503 before rebounding to approximately $30,000, where it currently trades.
At press time, Bitcoin was trading down 1.78% in the last 24 hours to $30,202.
In a recent tweet, crypto analyst Ali highlighted the importance of where Bitcoin trades. He highlighted the possibility of Bitcoin attaining $35,000 if the price holds above.
#Bitcoin is back above stable support! On-chain data shows 1.84 million addresses bought nearly 910,000 $BTC between $29,930 and $30,800.— Ali (@ali_charts) June 30, 2023
As long as #BTC can hold on top of this demand zone, it has a good chance of advancing toward $35,000 due the lack of resistance ahead. pic.twitter.com/B2v3V06H91
According to Ali, who shared a screenshot of IntoTheBlock data, 1.84 million addresses bought nearly 910,000 BTC between $29,930 and $30,800. This points to the region between $29,930 and $30,800 as the key demand zone for Bitcoin.
"Bitcoin is back above stable support. On-chain data shows 1.84 million addresses bought nearly 910,000 BTC between $29,930 and $30,800," Ali wrote.
He continued that as long as BTC can hold on top of this demand zone, it has a good chance of advancing toward $35,000 due to the lack of resistance ahead.
Bitcoin transaction fees have increased four times over the previous quarter, according to IntoTheBlock, the highest increase since the second quarter of 2021. According to an image posted by IntoTheBlock, total Bitcoin fees in this quarter totaled $186 million, a 316% increase.