Bitcoin is near to break the $38k level, here is the next move

The week started with a strong positive pump and the current situation is showing that Bitcoin is going to show more pump in the upcoming days.

The trade price of Bitcoin (BTC), the top crypto asset by 24-hour trade volume, is $37,365 & this trade price is 0.36% higher than the last 24 hours’ trade price. 

In the last 24 hours, the trade price of Bitcoin saw big up & downs with a net fluctuation of ±2.4%, unfortunate thanks to the United States Securities and Exchange Commission (SEC) which sued the top American crypto exchange Kraken over unregistered securities offerings & failing to register with the SEC body.

The suit by the SEC body against the Kraken exchange failed to bring any big negative impact on the current bull sentiments of the crypto space. 

On-chain analysts noted that Bitcoin is getting huge investment support & it is expected that it will pump rapidly.

A Bitcoin expert shared his analysis and said that if Bitcoin faces any big sell pressure then there is no chance for Bitcoin to fall below the $30k trade price until Bitcoin follows its usual pattern.

Currently, the majority of the people are looking toward the next move by the US SEC body for the approval of Bitcoin spot ETF applications.

Nearly a dozen of Bitcoin spot ETF applications are on the table of the SEC body but the SEC body postponed the decision for some applications for Dec of this year. 

However, ETF experts believe that the SEC body will give a green signal to these applications simultaneously in January of the next year but it will be interesting to see the outcome for Bitcoin trade price. 

Alongside Bitcoin investment, the majority of the crypto traders & other traditional financial sector investors are eying to invest in Ethereum (ETH), the top second crypto asset by market cap, because the efforts by the fund managers to launch Ethereum spot ETF fund has been increased.

Read also: SEC facing huge criticism for the lawsuit against Kraken exchange