June 4, 2024
Bitcoin Price is $67,386, Uptrend Threaten by Ether ETF Approval
Bitcoin price today

Bitcoin Price is $67,386, Uptrend Threaten by Ether ETF Approval

Friday, May 24, 2024: Bitcoin Price Today is $67,386, experienced price drops, along with Ethereum. Bitcoin and Ethereum are both down 3.5%. Data from TradingView indicated that BTC hovered around $67,000, while ETH settled at $3,670. The anticipated institutional milestone—the spot Ether ETF approval by United States regulators—failed to provide a significant market boost. This milestone marked a considerable policy shift for the Securities and Exchange Commission (SEC).

BTC/USD 1-hour chart. Source: TradingView

Anticipated ETF Launch Delays Market Impact

Although the spot Ether ETF approval was a major achievement for the crypto industry, the ETFs were not yet ready for trading. Analysts suggested that additional preparations could delay the launch by several weeks. Bloomberg Intelligence ETF analysts James Seyffart and Eric Balchunas speculated about a potential mid-June go-ahead for the ETFs. As a result, both BTC/USD and ETH/USD avoided significant upward movement, even retracting from local highs by the daily close.

Source: Eric Balchunas

Market Reactions and Bitcoin Dominance

Market participants focused on the dynamics between Bitcoin and Ether, with popular trader Daan Crypto Trades highlighting Bitcoin’s declining market dominance in response to the recent ETH rally. He noted, “With the recent $ETH rally, we’ve seen #Bitcoin Dominance head back down,” he wrote in part of a post on X.

“This has been in an up trend for about 1.5 years and if there’s anything that could reverse this trend it would be ETH leading on the back of an ETF being approved. 52% and 48% are the main levels.”

Bitcoin crypto market cap dominance chart. Source: Daan Crypto Trades

Other traders considered this a precursor to a possible “altseason,” where alternative cryptocurrencies outperform Bitcoin. Bitcoin dominance peaked at 57% in mid-April, just before its block subsidy halving, marking its highest level in over two years.

Popular trader Skew identified a zone of interest for BTC price action around $66,000, citing nearby patches of bid liquidity on Binance, the largest global exchange. In his May 23 analysis, Skew stated, “Seeing some initial spot demand around $66K – $65K, the reaction is key as well to gauge the absorption of sellers Spot supply remains around current high $72K – $76K.”

BTC/USDT chart with liquidity highlighted. Source: Skew

He emphasized that the week’s price movement had been “driven by spot exchanges,” particularly Binance and Coinbase, the largest U.S. trading platform.

Image by PIRO from Pixabay

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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