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Bitcoin ETF launched in Australia on the ASX amidst a declining BTC price. The market has been bearish with Bitcoin struggling to break the $65K level.
The launch of VanEck’s spot Bitcoin ETF on the Australian Securities Exchange (ASX) marked a significant event in the crypto market. Despite the introduction of the ETF, Bitcoin’s price has been facing a downward trend, causing concern among traders.
Bitcoin’s price has declined by 0.14% in the past day, with a 3.21% drop over the past week, currently priced at $65,440. The market cap stands at $1.28 trillion. VanEck’s BTC ETF, a feeder fund for the VanEck Bitcoin Trust, saw a rapid increase in trading volume surpassing $1.5 million within hours of trading.
The market sentiment is bearish with Bitcoin struggling to surpass the $65K level. The Relative Strength Index (RSI) stands at 41.97, signaling approaching oversold territory. Bulls may target resistance levels at $66,380, $67,000, and potentially $68K, while bears could push the price down to support levels at $64,456, $63,671, and $62,579.
Despite the launch of the Bitcoin ETF in Australia, the crypto market remains under pressure with Bitcoin’s price struggling to regain momentum. Traders are closely monitoring key resistance and support levels to anticipate potential price movements in the coming days.
“````html Bitcoin ETF Launch in Australia and Market Update Summary Bitcoin ETF launched in Australia on the ASX amidst a declining BTC price. The market...
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