Even though most tokens traded in a range-bound way, analysts hinted towards a cyclical crypto buying opportunity in the current conditions of the market.
Bitcoin traded yet another day in a sticky trading range without much fluctuation. The euphoria in relation to the crypto ETFs in the US has also continued, even with the SEC’s delay.
Experts have mentioned more Ethereum ETF applications could come into the picture shortly. Positive signals have thus persisted in the market with occurrences of a crypto buying opportunity.
Bloomberg analyst James Seyffart mentioned the spot Ethereum ETFs. He took to social media, mentioning how new firms were in the fray for the ETFs. “This is different from the earlier Ark/21shares S-1 filing because this will ultimately start that clock we are so used to following with spot Bitcoin filings,” he said.
Meanwhile, a few others pointed towards a stronger Bitcoin dominance forming in the crypto market soon. They hinted the present price action could be similar to the one in 2019 if one could go by those times; a period of low volatility had formed even then.
The data from the stablecoin market cap was also positive, highlighting bullish investor sentiments.
BTC/USD 1D price chart
Bitcoin is currently trading at around $25700 on September 7, 2023, with BTC/USD trading lower by 0.1% in the last 24 hours. BTC/USD is trading lower than its 20-day EMA (26,844.25) as BTC’s 24-hour volume stayed around $11 billion. Bitcoin has seen around 55.32% returns on a year-to-date basis.