First mover Asia: Bitcoin maintains $30k as ‘the economy isn’t breaking just yet’

FXstreet
FXstreet

28 Jun 2023 5:22 AM

Most major digital assets are beginning the East Asia trading day well into the green, as positive economic data from the U.S. buoyed markets. Bitcoin...

  • Bitcoin is trading at $30,585, up 1%.
  • Ether is trading at $1,874, up 0.9%.
  • Layer 2 tokens like Arbitrum and Polygon are also in the green.
  • The CoinDesk Market Index (CMI) is up 1.4%.
  • Positive economic data from the U.S. is boosting the market.
  • Edward Moya, OANDA Senior Market Analyst, believes the economy is not breaking yet and predicts bitcoin could reach $40,000 by the end of the year.
  • Moya mentions that Fidelity joining the quest for a bitcoin ETF brings optimism that one of the financial giants will get it done before summer's end.
  • Resistance is expected at the $34,000 level, and institutional momentum could push the rally to $40,000 if a bitcoin ETF is approved.
  • Setbacks like a BlackRock ETF rejection or a Grayscale defeat could temporarily halt the rally, but optimism for an eventual ETF approval remains.

The sentiment in the article is generally positive, with mentions of the market being in the green, positive economic data, and optimism for a bitcoin ETF approval.

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You May Ask

What is the current price of bitcoin and ether?How are layer 2 tokens performing?What is the CoinDesk Market Index (CMI) showing?What is Edward Moya's prediction for bitcoin's price by the end of the year?What factors could temporarily halt the rally in bitcoin's price?

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