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As of Tuesday, Bitcoin was trading at $29,380, a tiny decline of less than 0.10% from its previous performance.
There are various underlying variables that might be blamed for this slight variation in Bitcoin's price.
The opinion of former SEC Chairman John Reed Stark, who believes that the current SEC is likely to deny the spot approval of the Bitcoin ETF, is foremost among them.
In addition, Hut 8 is considering a merger with USBTC, while TeraWulf has announced an increase in its self-mined BTC for Q2.
Insiders in the industry are also eagerly awaiting any decision about Grayscale's anticipated announcement of their Bitcoin ETF this week.
Industry insider expects SEC to reject the approval of Bitcoin ETF
He asserts that the current SEC leadership is reluctant to approve Bitcoin spot ETFs because of worries about market manipulation and reliance on a select few for network maintenance.
This theory is consistent with previous SEC rejections of Bitcoin ETFs based on comparable arguments.
Additionally, Stark hypothesises that a GOP-led administration would adopt a more pro-cryptostance following the 2024 presidential election, thus expediting the licencing process for ETFs.
Update on Bitcoin Mining: TeraWulf and Hut 8's Potential Merger with USBTC
It's possible that the recent rise in self-mined BTC by US mining company TeraWulf during Q2 2023, which may be linked to increased mining capacity and greater hash rate, helped to fuel Bitcoin's recent decline.
Their quarterly revenue increased by $4 million to $15.5 million as a result.
Hut8's mid-year performance during Q2 2023 revealed a drop in hash rate and self-mined Bitcoin.
In comparison to Q2 2022, the corporation extracted 399 BTC, a 58% decrease. Increased Bitcoin mining difficulty, the stoppage of operations at the North Bay Facility, and ongoing electrical issues at the Drumheller site were all cited as causes of this decline.
After the projected merger with US Bitcoin is completed, Hut 8 anticipates an increase in its hash rate capability.
Decision on the Grayscale Bitcoin ETF is anticipated this week, experts say
Traders are waiting for the Grayscale Bitcoin ETF to be approved. According to previous court deadlines, the conclusion is most likely to occur in August.
James Seyffart of Bloomberg cited August 15 as a potential decision date, which might be limiting Bitcoin losses for the day.
In addition, leaders in the sector like Cathie Wood and Nate Geraci have endorsed Grayscale's lawsuit against the SEC.
Bitcoin Price Prediction
When looking at Bitcoin from a technical angle, the two-hourly chart shows that its movement has been largely stable, bouncing between the higher threshold of $29,600 and the lower threshold of $29,250.
The BTC/USD currency pair is experiencing a tumultuous session during this time. The price trend of Bitcoin is likely to be determined by a breach of this defined range.
In the event that Bitcoin falls below the $29,250 level, it will probably find its next support at about the $29,000 level.
The continuation of a bearish trend would be indicated by this, and Bitcoin would also be exposed to a second support level around $28,750.
On the other hand, a bullish rise above the $29,600 barrier might raise the price of Bitcoin to around $29,800.
The psychological barrier of $30,000 is the next major hurdle after this.
The $30,200 level, which previously served as a resistance on August 8, could be approached by Bitcoin if the positive trend persists.
It is anticipated that any strong positive momentum in the short term would be capped by this level.
In conclusion, traders should keep a close eye on the $29,250 and $29,600 levels in order to plan their moves based on probable price changes.