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Bitcoin Price Stagnates As BlackRock ETF Approval Deemed a “Long Shot”

Bitcoin's price has been fluctuating between $29,500 and $32,000 since late June, with investors waiting for a potential upside breakout after multiple institutional spot ETF applications. However, approval of BlackRock's filing for a spot Bitcoin ETF is seen as a long shot by one analyst.

Chris Bendiksen, Bitcoin research lead at CoinShares, identified three challenges causing the digital asset's current stagnation: buyer exhaustion after the rally caused by BlackRock's filing, potential DOJ action against Binance, and the recent rotation into altcoins after the XRP summary judgement. Traders are also cautiously eyeing the upcoming Federal Reserve meeting and an anticipated interest rate hike, potentially the last of the cycle.

Bitcoin Bitcoin $96,222.71
-1.33%
Bitcoin BlackRock
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