The price of Bitcoin (BTC) skyrocketed after the untrue story spread extensively.
If the bulls could drive the prices above $29,250 level, then it will likely test $30,450 level.
Following the latest disinformation incident, the U.S. SEC may have uncovered more reasons to reject future Bitcoin ETF applications. Recent events were triggered by unfounded rumors that the SEC had approved a Bitcoin ETF from BlackRock, leading to extreme price fluctuations.
The price of Bitcoin skyrocketed after the untrue story spread extensively on social media. BlackRock acted swiftly to clarify that its application to launch an ETF was still being reviewed. The SEC issued a caution to the general public on Twitter.
The regulatory body stated:
“Careful what you read on the internet. The best source of information about the SEC is the SEC.”
Eyeing $30k Barrier
The value of Bitcoin likewise went on a wild trip, rising over $29,000 before plummeting back. As of now, Bitcoin has stabilized around the $28,500 mark. Bitcoin is now trading at $28,536 at time of publication as per data from CMC and is up 2.54% in the last 24 hours. Also, as long as bulls remain in control, BTC’s price may soon approach the $30k barrier.
Source: CoinMarketCap
Moreover, the trading volume is up 92.18%. Prior to this Bull Run, bitcoin price was facing bearish pressure and was unable to make a positive move. If the bulls could drive the prices above the area of recent high at $29,250, then the price is likely to test $30,450 resistance level.
On the other hand, if the price goes below $27,420 level, then it will likely head towards $26,620 support level. Moreover, further decline will result in prices testing $26,000 level.