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 <p>The most prominent crypto trading at $29,400 on Friday, is down 0.5% and with a $11 billion in trading volume. Bitcoin boasts $572 billion in market capitalization and market dominance which has remained relatively flat at around 46.78% in the last 30 days.</p>  
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 <h2 id="what-to-expect-ahead-of-ark-invest-bitcoin-etf-deadline">What To Expect Ahead of Ark Invest Bitcoin ETF Deadline</h2> 
 <p>The race for a spot Bitcoin ETF has continued to heat up, attracting global multinationals like Blackrock and Fidelity Investments. Contrary to expectations,&nbsp;Bitcoin price has remained depressed, starting with the upper range resistance at $32,000 and recently within a narrow channel between $29,000 and $30,000.</p> 
 <p>Although the surge in spot Bitcoin ETF proposals did not impact&nbsp;Bitcoin price, investors are waiting to see if the SEC’s decision to approve or reject them would result in a shift in the crypto market trend.</p> 
 <p>That said, the SEC is facing the second deadline on&nbsp;the proposal by ARK Invest&nbsp;following the initial delay. According to the firm’s founder Cathie Wood, further delay is highly likely with the SEC’s evaluation window ending on August 13.</p>  
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 <p>Wood believes that if the SEC approves a spot Bitcoin ETF, there is a higher probability of making numerous approvals simultaneously.</p> 
 <p>The Bitcoin ETF application from ARK Invest and 21Shares is currently leading the pack of eight proposals under consideration by the regulatory authority.</p> 
 <blockquote class="twitter-tweet"> 
  <p dir="ltr" lang="en">Heads up, bitcoin ETF news tomorrow. A delay is almost a certainty and likely fully priced in. If by any chance the SEC approves or rejects the ARK ETF, prices will run and not look back. https://t.co/SXuIWcX7nd</p> 
  <p>— Alex Krüger (@krugermacro) August 11, 2023</p> 
 </blockquote> 
 <h2 id="bitcoin-bulls-mull-breakout-above-30k">Bitcoin Bulls Mull Breakout Above $30k</h2>  
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 <p>Bitcoin price upholds support above $29,000 but still falls short of resistance at $30,000, with attributes to the selling pressure at $29,445, highlighted by the 200-day Exponential Moving Average (EMA).</p> 
 <p>For now, it remains unknown what it will take for Bitcoin price to ascend above $30,000, considering the signal from the Moving Average Convergence Divergence (MACD) indicator. In other words, investors must be deliberate about buying BTC with the anticipation of a rally to $32,000.</p> 
 <figure id="attachment_156387" aria-describedby="caption-attachment-156387" style="width: 100%" class="wp-caption aligncenter"> 
  <img decoding="async" class="size-full wp-image-156387" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201140%20608'%3E%3C/svg%3E" alt="Bitcoin price on the verge of a breakout" width="1140" height="608" data-lazy-src="https://cdn.thebittimes.com/images/2023/08/11/56a9673aba35f8dbeb8947b4142674e0.webp"> 
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  <figcaption id="caption-attachment-156387" class="wp-caption-text">
    BTC/USD daily chart | Tradingview 
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 <p>Reinforcing the bullish outlook is the SuperTrend indicator, which overlays the chart gauging market volatility with the help of readings from the average true range (ATR).</p> 
 <p>The index has this week flipped below BTC, imploring investors to consider filling their bags ahead of the impending breakout.</p> 
 <blockquote class="twitter-tweet"> 
  <p dir="ltr" lang="en">$BTC Upward trend Continues with a Breakout from a Falling Wedge and ongoing Retest.</p> 
  <p>A Successful retest could lead to a bullish run towards 33k.</p> 
  <p>If the Daily Candle Closes Under 29k, a Retest of 26k Support might Occur.#Crypto #Bitcoin #BTC pic.twitter.com/2UPJSo71sh</p> 
  <p>— Captain Faibik (@CryptoFaibik) August 11, 2023</p> 
 </blockquote> 
 <p>Traders seeking medium to&nbsp;long-term exposure to Bitcoin&nbsp;may want to wait until the price breaks and holds sustainably above the upper descending trendline. Such a move would mean that the ongoing downtrend has come to an end and that Bitcoin price is poised to rally not just to $32,000 but toward $40,000.</p> 
 <h3 id="related-articles">Related Articles</h3> 
 <ul> 
  <li>Breaking: Bitwise Revises Bitcoin Futures ETF To Bitcoin And Ether Strategy ETF</li> 
  <li>XRP Price On The Cusp of Initiating Another $1-Bound Rally</li> 
  <li>Coinbase Invests Into Rocket Pool; RPL Token To Reach $40?</li> 
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</div>

Bitcoin Price Flaunts Breakout Ahead of SEC’s Decision on ARK Invest BTC ETF

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TheBitTimes

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