Weekly Crypto Roundup: BTC Surpasses $30k, Here’s What’s Behind the Surge

2023/06/22 10:36:01

Crypto markets experienced heightened volatility last week, with Bitcoin exhibiting a significant surge toward the upside and pushing above the $30,000 mark. The push happened on positive news regarding major US institutions filing for a spot Bitcoin ETF. These developments have the potential to impact Bitcoin's future trajectory over the coming weeks, as numerous analysts are already calling for a bull run.

BTC/USDT Chart on a Daily Timeframe | Source: KuCoin

Altcoins followed Bitcoin, with most of the top100 tokens being in the double-digit green in the past week. The overall market sentiment for altcoins changed to bullish as well, reflecting the broader sentiment in the crypto market.

Among the top altcoin gainers, Multiverse (AI) recorded a significant daily increase of 51.89%, followed by Pepe (PEPE) with a gain of 35.96%, and Step App (FITFI) with a gain of 30.44%.

On the other hand, GetKicks (KICKS) experienced a decline of 30.90%, followed by Anchor Protocol (ANC) with a decline of 22.68%, and Octo Gaming (OTK) with a decline of 21.08%.

Crypto Heat Map | Source: Coin360

Top Altcoin Gainers and Losers

Top Altcoin Gainers

Multiverse (AI) ➠+51.89%

Pepe (PEPE) ➠+35.96%

Step App (FITFI) ➠+30.44%

Top Altcoin Losers

GetKicks (KICKS) ➠-30.90%

Anchor Protocol (ANC) ➠-22.68%

Octo Gaming (OTK) ➠-21.08%

Fear and Greed Index Shows Greed

The Fear and Greed index pushed towards the upside as sentiment around crypto slides towards the bull side. While the previous weeks were slightly fearful to neutral, today’s reading shows a clear greed sign.

Crypto Fear & Greed Index | Source: Alternative

This Week’s Crypto News Highlights

TradFi Institutions Applying for a Bitcoin Spot ETF

The competition to launch a Bitcoin spot ETF is intensifying, with numerous institutions that previously shied away from crypto stepped into the game.

Cryptocurrency fund manager Valkyrie is the latest applicant, joining several other financial firms that have filed similar applications with the United States Securities and Exchange Commission (SEC) in the last week. Valkyrie filed an S-1 registration form for a Bitcoin spot ETF with the SEC on June 21.

BlackRock, one of the largest investment managers in the world, applied to list a BTC spot ETF on the Nasdaq as a trust on June 15, while WisdomTree and Invesco filed similar applications on June 20.

Last but not least, there are also unconfirmed reports that Fidelity is going to join the aforementioned companies and file an application for a BTC spot ETF.

Moving away from the US, Dutch investors now have access to a Bitcoin equities exchange-traded fund on the Euronext Amsterdam stock exchange starting today.

This turn of events sparked an upturn in BTC’s price, first pushing towards the $30k mark, and then above it.

Crypto Bulls Calling for “The Great Accumulation”

Recently-renewed optimism towards the crypto market has sparked numerous crypto bulls to call for a bull market, as well as the “great Bitcoin accumulation.”

While the market is experiencing regulatory scrutiny from the SEC, the market has shifted its sentiment to almost complete bullishness due to the large TradFi players entering the market.

“The Great Accumulation” Tweet

Cameron Winklevoss, one of the Winklevoss twins and the co-founder of crypto exchange Gemini, stated in a tweet that institutions and retail investors have started to accumulate Bitcoin, calling current prices “the best trade of this decade.”

Nike Teases “Airphoria” NFT Sneaker on Fortnite

World-renowned footwear manufacturer Nike hinted towards an upcoming sneaker NFT drop on the popular video game Fortnite.

The company shared a short social media post video teasing a collaboration with Fortnite, followed by the logo of its NFT company.

As Nike did not provide any details, community members turned to speculation. However, regardless of the vague information, the NFT community is pretty happy with this turn of events.

BTC Ordinals Inspire A New Type of ETH Collectibles: Ethscriptions

Earlier this year, Bitcoin developers were inspired by Ethereum’s non-fungible tokens and created their own spin on blockchain collectibles, now known as Bitcoin Ordinals.

Bitcoin Ordinal Inscriptions Chart | Source: Dune

Five months and over 13 million ordinals later, developers on Ethereum have gone full-circle to create another new collectible called Ethscriptions.

Named after the inscription process that is used to create Ordinals, Ethscriptions allow any type of file (including images, files, or text under 96 kilobytes) to be stored on-chain. This has proven revolutionary as it cuts down costs drastically compared to using smart contracts.

Bitcoin (BTC/USDT) Technical Analysis

The largest cryptocurrency by market cap has left the downwards-facing channel that it was contained in for two months. Technical analysts show that the channel spanned from Apr 15 to June 15, and brought BTC’s price down from $31,000 all the way down to $24,800.

However, a major change in sentiment sparked by positive fundamentals pushed BTC up past the $30,000 mark.

BTC/USDT Chart the Daily Timeframe | Source: KuCoin

However, it’s important to note that the Fibonacci retracement channel with a high of $39,800 from May 5, 2022, and a low of $15,666 from Nov 9, 2022, is still in play. In fact, the channel showed a perfect bounce from the 38.2% level during its push towards the upside, and is now presenting a resistance line at the $30,620 mark.

Bitcoin is now fighting to push past the aforementioned resistance level, with the first strong support level sitting at $27,750 mark. The RSI is, however, confirming a buyer exhaustion, making it questionable whether BTC will push above the resistance level.

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