Bitcoin Price Prediction: BTC Faces Choppiness Ahead of Friday's NFP Report
On August 3rd, Bitcoin extended its previous daily losses, experiencing a decline of nearly 1.75% and reaching a price of $29,084.
Despite a positive spot ETF approval prediction by a Bloomberg analyst, Bitcoin has been facing downward pressure in recent sessions, largely influenced by the strength of the US Dollar.
As the market awaits the release of the Nonfarm Payrolls (NFP) report on Friday, the cryptocurrency is navigating through choppy waters, prompting investors to monitor its price action and potential trend shifts closely.
This article examines the current state of Bitcoin and explores the key factors impacting its price movement in the near future.
According to Bloomberg Intelligence analysts, the likelihood of a Bitcoin ETF being introduced in the US this year has risen from 50% to 65%.
This is due to the fact that major financial institutions, including BlackRock and Fidelity, have submitted applications for ETFs, indicating a growing level of acceptance in the traditional finance sector.
There has been an interview with SEC Chairman Gary Gensler and the SEC has apparently approved Coinbase's Bitcoin trading platform.
This could indicate a possible change in regulatory approach that may favor cryptocurrency-related products like ETFs.
The outcome of the SEC's case against Grayscale could also impact market sentiment.
Although these developments suggest potential for long-term growth for Bitcoin, short-term price drops may be linked to the increasing value of the US dollar.
Yesterday, the US Dollar Index (DXY) increased by 0.18% to reach $102.78, its highest level in 20 days.
This marks the third consecutive day of the greenback's upward trend against a basket of six major currencies.
The strengthening of the
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