A unique calm in the bitcoin market. What levels should you pay attention to?

Bitcoin price seems to be still moving in a very narrow range of fluctuations, ignoring earlier increases and then decreases in other markets caused by, for example, the cut of the US rating by Fitch. The price of bitcoin was also not significantly affected by recent fluctuations in the US dollar. Since its fall on July 24, BTCUSD has been trading between $29000 and $29700, rising to $30000 at one time after Fitch's decision.

Bitcoin price and key levels

Courses Bitcoin seems to hold above a potential support zone near the May 30 peak. It can range between $28600-27700. In turn, in the area of ​​USD 28000, there may be an uptrend line drawn from the December 2022 lows, through the March 2023 low and the June 2023 low. It can be a potential support for the market.

In turn, a possible upward movement could occur when the price of bitcoin exceeds the level of USD 31500. Earlier, however, closer resistance may fall in the region of USD 29700-30200. If $30200 was broken, the road to $31500 could be opened and then the watch could move to that level.

Applications for Ethereum ETF are pouring in

The wave of applications that have been submitted to SEC by investment firms to create an ETF on BTC impressed the market. We are currently seeing a similar wave towards ETH. The US Securities and Exchange Commission has recently been inundated with requests for futures funds exchange traded funds (ETFs), with a total of 11 Ether-based applications submitted in less than a week.

According to a Bloomberg ETF analyst James Seyffart, fund manager ProShares has filed a total of four separate applications for Ether-based ETFs over the past few days, including a Bitcoin and Ether futures ETF, an ETH downtrend and an ETH uptrend ETF.

A total of 11 ETH-related ETF applications have been filed over the last seven days, all of which were for futures ETFs. The wave of Ether-based ETF applications was spearheaded by Volatility Shares, which applied for the Volatility Shares Ether Strategy ETF on July 28.

ETH price however, for now it is not reacting to it and is also characterized by low volatility, being in the area of ​​1830 USD.