When we look at the mid-week markets, we see that many crypto assets are making double-digit gains, led by Bitcoin.
With the new ETF application, the leading cryptocurrency Bitcoin continues to be priced above $ 28,500. Today, we will review the Bitcoin ETF application made by WisdomTree and the latest situation in the market.
WisdomTree Files Bitcoin ETF Application
Bitcoin, which recorded a rapid rise during the US trading hours yesterday, rose to the level of $ 29,000. Since last week, crypto money markets, especially Bitcoin, have entered a recovery process with the interest of traditional finance companies. First, BlackRock’s Bitcoin ETF application was the lifeblood of the markets, while the possibility of Fidelity’s Bitcoin ETF application and then WisdomTree’s ETF application caused the markets to rise.
In its application, WisdomTree detailed the investment objectives of the ETF, its strategy for Bitcoin price exposure, and its operational costs and liabilities. The company aims to evaluate stocks on a daily basis and will use the CF Bitcoin US Settlement Price for this, which will track the flow of trades from major Bitcoin spot exchanges.
The company, whose application was previously rejected, has applied for WisdomTree Bitcoin Trust to be listed on Cboe BZX. While the application appears to be a trust application, the product trades as a spot Bitcoin ETF, as with BlackRock.
Grayscale ETF Could Win Its Case
In addition, after giant companies such as BlackRock and WisdomTree took action by applying for a spot Bitcoin ETF, the eyes of the crypto industry were turned to Grayscale, which sued the SEC after rejecting the Bitcoin ETF. Market experts state that they expect Grayscale to win the case, as asset management companies have started to queue up for the Bitcoin ETF.
However, Bloomberg’s famous ETF expert James Seyffart thinks that if the BlackRock Bitcoin ETF application is accepted, it could put pressure on Grayscale. According to Seyffart, if BlackRock’s application is accepted and a competitor to Grayscale products emerges, the 2% annual fee charged on Grayscale Bitcoin Trust products may be worth nothing, so customers can exit those products.
What Do Experts Say About BTC Price?
Peter Brandt, who took a serious place in the sector knowing the collapse of the Bitcoin price in the 2017 rally, emphasized that the market dominance of BTC would increase in late April and stated that the crypto money market would rise under the leadership of BTC. Brandt excited crypto investors with his new statement. Brandt tweeted: “My guess is that Bitcoin will surpass all crypto assets. In the end, there will only be one king, and that will be Bitcoin.”
Levels to Follow in BTC Price
When we look at the levels to follow in Bitcoin price, the first resistance zone to follow is at $28,903. If Bitcoin breaks this resistance, the next resistance zone it will face is at $29,479. The third resistance zone to follow in case the uptrend solidifies is at $31.172.
Our first support zone to follow in a possible bearish scenario is located at $27,210, while the second level of support is around $26,093. If the downtrend cannot be stopped, the third support level to follow is at $24,400.
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