Bitcoin Crosses $30K, Congress to Look At Crypto Regulation

Bitcoin has crossed above $30K for the first time since April after rising 9.4%, on track for one of its best daily performances of the year. Crypto has seen its recent decoupling from equities continue, as the S&P and Nasdaq are down 0.41% and 1.22%, respectively. Initial bullish price action from BlackRock’s ETF application was further reinforced by additional spot BTC ETF applications from both Invesco and Wisdom Tree yesterday. Bitcoin’s initial move higher was notable as it occurred primarily during U.S. trading hours, potentially indicating organic institutional flows drove initial gains amid optimism for an ETF approval. Liquidations have also fueled the rally with ~$263m in short BTC derivatives forcibly closed by exchanges in the last 24 hours. While this initial breakout looks bullish, BTC faces significant resistance at its YTD high of $31K, an area that could see consolidation. Exceeding $31K could see another push higher to $34-$36K.