Bitcoin ETF Launched in Australia, Begins Trading on ASX
Yesterday marked the launch of a Bitcoin exchange-traded fund (ETF) in Australia, which is now available for trading on the Australian Securities Exchange (ASX). This new development comes at a time when the entire cryptocurrency market has been grappling with a consolidated price range, largely due to the dominance of bearish sentiment.
Bitcoin, being the largest cryptocurrency by market capitalization, has experienced a price dip and has struggled to break through the $65,000 level for an extended period. As a result, market attention towards Bitcoin has waned, leading to significant price drops in alternative cryptocurrencies (altcoins).
Over the past week, the price of Bitcoin has declined by 3.21%. In the most recent day, it experienced a further decline of 0.14%, reaching a price of $65,440 according to data from CMC. Additionally, Bitcoin’s daily trading volume has decreased by 46.61% to $18 billion. Its current market capitalization stands at $1.28 trillion. In early June, the price of Bitcoin reached a high between $70,000 and $71,000.
Simultaneously, VanEck’s spot Bitcoin ETF commenced trading on the ASX yesterday. The ASX is the leading exchange in Australia. VanEck’s BTC ETF serves as a feeder fund for the VanEck Bitcoin Trust and had an initial investment of A$985,000. Within just a few hours of trading, the fund’s trading volume exceeded $1.5 million.
Speculating on the Future Price Movement
Analyzing the price action of Bitcoin over the past week, it is evident that it has created a state of unease within the entire cryptocurrency market. With Bitcoin hovering within the $64,000 to $65,000 price range, traders are feeling anxious. The daily Relative Strength Index (RSI) for Bitcoin currently stands at 41.97, indicating that it is nearing oversold territory. Furthermore, the exponential moving average (EMA) is showing a sell signal.
Should the bulls take control and push the price above $66,000, the first significant resistance level will be at $66,380. If the bullish momentum continues, the next major resistance level can be found at $67,000. Further upward movement could potentially lead the price to reach the $68,000 range.
However, if the bears maintain their dominance, the price of Bitcoin may dip to the initial support zone of $64,456. In the event of a continued decline, the next support level will be around $63,671. Furthermore, should the price continue to drop, it could potentially reach the $62,579 level.
In conclusion, the launch of a Bitcoin ETF in Australia and its subsequent listing on the ASX marks a significant development for both the Australian cryptocurrency market and the broader global crypto ecosystem. The price of Bitcoin remains under pressure as bears continue to exert control, leaving traders eager to see if the bulls will be able to reclaim dominance and drive the price higher.