Bitcoin Looks To Test The Support Level Just Below $30k

TL;DR

• Bitcoin began the week trading above the $30k level as investors defended the crucial support point.

• The market continues to focus on the possibility of a spot Bitcoin ETF

Bitcoin Defends The $30k Resistance Level

Bitcoin, the world’s leading cryptocurrency by market cap, continues to defend its position around the $30k level.

The cryptocurrency defended its support level just above the $30k level over the past few days. The weekly timeframe indicated that Bitcoin could be bearish and could test the $28k support level in the near term.

Bitcoin rallied to the $31k level last week following the news that BlackRock and others have refiled their spot Bitcoin exchange-traded funds (ETFs).

Although it remains unclear when the SEC will make decisions on the ETF applications, many investors in the market are optimistic that the regulatory agency will approve the filings made by BlackRock, Fidelity, and others.

With Bitcoin losing steam over the last few days, the total cryptocurrency market cap has also declined. At the moment, the total cryptocurrency market cap stands at $1.17 trillion.

Ether, the second-largest cryptocurrency by market cap, has lost less than 1% of its value in the last 24 hours and is currently trading at $1,857 per coin. 

Solana is the worst performer amongst the top 10 cryptocurrencies by market cap over the last 24 hours, down by more than 3.5% during that period. At press time, Solana is trading at $20.97 per coin.