Absolute dominance for Bitcoin over altcoin

It is an absolute dominance what is affecting these hours, as well as in the last few days, the Bitcoin crypto, which continues to hold above the $30,000 threshold at the time of writing. 

See all the details below. 

Wave of optimism following Bitcoin market dominance 

In a recent development, Bitcoin (BTC) enthusiasts are expressing great excitement over the impressive rise in the cryptocurrency’s price, which has successfully maintained a position above the significant $30,000 threshold for the first time since April. 

In other words, with the bullish people regaining control on 15 June, a wave of optimism has flooded the market.

Indeed, according to TradingView data, Bitcoin’s price has seen a remarkable 23% increase in just seven trading sessions, rising from $24,840 to $30,840. Bullish traders now seem confident of finally breaking through the $30,000 mark, an achievement that has not occurred since 26 April.

Indeed, previously Bitcoin’s price was under the control of market sellers, with a predominant bearish trend. However, a significant change occurred when strong demand emerged after a bullish break on 20 June. 

This bullish break acted as a catalyst, eventually bringing a significant 14% gain for Bitcoin this week. 

Currently, Bitcoin’s price shows relatively low volatility, settling at around $30.060 with a slight basis of 0.8% over the day, as reported by CoinMarketCap.

In addition, examining the daily price chart, it is evident that all major moving averages (20, 50, 100 and 200) correspond below the current Bitcoin (BTC) trading price. 

However, it is important to note that the 20-day simple moving average (SMA) is now a crucial level of immediate support. 

At the same time, the RSI indicator currently indicates a bullish trend, as its peak remains in the extremely overbought zone of 70. 

How much has BlackRock’s call affected Bitcoin’s price increase?

At the moment, we note that the price range between $30,500 and $31,000 is of crucial importance, serving as a significant barrier to the upward trend. 

That is: if buyers manage to break through this range in the near future, there is a strong possibility of a 2,000-point rally, which could take the price up to $32,000.

But what could be the reasons for this bullish push in Bitcoin? Among the first, without a shadow of a doubt, we find the request by the company BlackRock for a spot ETF on Bitcoin. 

The application submitted by BlackRock, the largest asset management firm globally, for a Bitcoin ETF has effectively changed the bearish sentiment in the BTC market. 

The enthusiasm around the Bitcoin ETF started a remarkable 5,000-point rally, despite the ongoing conflict between the SEC and the two major cryptocurrency exchange platforms, Binance and Coinbase. 

In light of this market analysis, it is believed that regulators’ approval of BlackRock’s ETF application could attract a significant influx of institutional investors, potentially leading to a rally of more than 2,000 points.

However, as we know, the SEC has repeatedly rejected this type of application or the like. On the other hand, the financial importance of BlackRock should be considered, which is why it may be more difficult for the SEC to reject this request this time. 

El Salvador: construction of the “Bitcoin City Airport” continues

The airport, which will be known as Bitcoin City Airport as well as the name Pacifico Airport, will be built in parallel with the Bitcoin City construction project. 

The government of El Salvador has planned to build a settlement at the foot of a volcano, where geothermal energy will be used to power the city and facilitate Bitcoin (BTC) mining.

The project received an initial budget of $73 million from the Autonomous Executive Port Commission (CEPA), but the full cost of the airport is expected to be $350 million. 

After obtaining the necessary environmental permits for the complex, the government gave the green light to start the construction process. 

Therefore, several videos of excavators working in the town of Flor de Mangle, in the department of La Unión, in eastern El Salvador, were posted on social media, which are identified as belonging to the Ministry of Public Works. 

However, some members of the local community have expressed their disapproval of the move, arguing that it endangers animal and plant life in the area.

In fact, community leaders said that at least 52 families living in the area should be relocated. The Bukele government described the airport and Bitcoin City as “twin projects,” as they were conceived at the same time. 

In addition, architect Fernando Romero was responsible for their design. The government hopes that the issuance of the long-awaited Bitcoin bonds will help finance these projects, even though they have been delayed. 

Furthermore, last month, a senior Bitfinex executive stated that BTC bonds would be issued in sealing. 

However, US senators have asked the government to submit a risk report in response to their concerns about Bukele and its plans to adopt BTC.