The BTC is hovering around 30,424 USD on Wednesday.
Investors are still waiting for positive momentum to drive their buying decisions. The correlation with the US stock market is still low due to the high volume of domestic news.
The longer the period of consolidation in BTC lasts, the higher the chances of a slight decline in the leading cryptocurrency. An important support level remains at 29,600-29,650 USD. The first resistance is seen at 31,150 USD, followed by 32,400 USD.
The capitalisation of the cryptocurrency market has expanded to 1.180 trillion USD. The share of BTC rose to 50.2%, while the share of ETH fell to 19.0%.
Fidelity plans to launch a Bitcoin ETF
Fidelity is planning to apply to the SEC for the launch of a spot Bitcoin ETF. This is not the first time the business has approached this project, but earlier requests have been rejected by the SEC. Fidelity currently has 11 trillion USD worth of assets under management, so the potential scale is impressive.
BTC might grow due to the future halving event
The market believes that a strong bullish signal for the long term is the potentially limited supply of BTC. The event in question is the halving scheduled for April 2024, which will reduce the number of newly mined BTC available to miners.