The crypto markets have become extremely volatile since the early trading hours, as the prices of the majority of the cryptos are fluctuating heavily. Bitcoin marked an intraday high around $31,282 and further marked a significant drop below $30,000 for a while.
The extreme market conditions may be due to the trade approaching the month, quarterly, or half yearly end, which is considered a crucial phase.
Therefore, a decent flip in market sentiment may be expected, which may keep up the momentum of the tokens in the coming days.
The BTC price which had surged magnificently as BlockRock announced their ETF filing, is experiencing a notable dorp when the SEC says that the spot ETF filings are inadequate.
It was, however, anticipated by many that the SEC may not approve the spot ETFs easily and may either raise objections or keep on delaying the approval.
Therefore, with the brawl going on with Ripple, Coinbase, and Binance, it was pretty sure that BlackRock, WisdomTree, Invesco, Fidelity, and multiple others who have filed for BTC spot ETFs may have waited for more time than expected.
Amid the regulatory concerns, the BTC price continues to hover around $30,000. The price, which was trading within a bullish pennant and displaying the probability of a bullish breakout, now appears to be confused about the upcoming trend.
As the bulls and bears are exhibiting equal strength, a prolonged consolidation beyond the monthly close is largely speculated.
Besides, the ADX, which represents the strength of the rally, is rising and turning bullish, which indicates the price is gaining the momentum.
Hence, it may soon break above the current consoldition around $30,000 and surge to test the upper resistance very soon.
