Bitcoin below $30000. Is there a chance for another growth with altcoins?

Bitcoin's dominance has regressed to 49,8% this week, its lowest level in more than a month. In turn, in monthly terms, dominance BTC fell by 2,7%, which is the largest pullback since August 2022. This may indicate that part of the capital starts to move towards the alts in part due to the court ruling in the XRP case.

Bitcoin, price below $30000

Since the second half of June, the bitcoin rate seems to be in the range of USD 29500 to USD 31600, which means a significant decrease in volatility in this market. If measured by ATR for the last 14 days of daily data, volatility averages $758, the lowest since February 14, 2023.

However, volatility has this to it is a sine measure. This means that periods of high volatility, like in March 2023, are followed by periods of lower volatility, like today. Thus, it seems that volatility in the bitcoin market may soon reappear.

In theory, a resurgence in volatility could break the previously mentioned resistance or support. Another potential support spot may be at the mid-June lows, i.e in the region of USD 26000. There may also be a trend line drawn after the January, March and June lows. Meanwhile, further potential resistance, should the $31500-32000 area be broken, could be in the $37600-$38000 area.

ETFs can still capture the imagination

This week, a number of ETF cryptocurrency applications went to the Federal Register as a step towards SEC approval. Publication of ETF conclusions in the official journal of the US government gives the SEC up to 240 days - until March 2024 - for final approval or rejection. Interestingly, in 270 days we will probably see bitcoin halving, which will be only moments later than the final SEC decision. Many people seem to be linking the two events as a catalyst for the next post-halving rally in the bitcoin market. This has usually been the case in the future, and will it be so this time as well? We will find out only after the first quarter of 2024.

Returning to ETFs according to data updated on July 19, the Federal Register has received notices of proposed rule changes allowing Bitcoin ETFs from BlackRock, Fidelity, Invesco Galaxy, VanEck and WisdomTree. Publication of conclusions in the official journal of the US government gives the SEC the option to accept or reject the application, extending the allowed time or opening the application for public comment.

The publication in the Federal Register was an expected step after the initial submission of applications in June, according to the Cointelegraph portal. Exchanges representing the companies filed revised applications listing Coinbase as an oversight sharing partner after reports that the SEC deemed previous filings insufficient.

Will the SEC buckle under the weight of Wall Street giants?

So far The SEC has not approved a spot ETF with direct exposure to cryptocurrencies such as BTC, but started allowing ETFs tied to BTC futures from 2021. In June, the Volatility Shares Trust launched a leveraged Bitcoin futures ETF, one of the first of its kind in the United States.