Bitcoin Forecast: Trump's Truth Social Vies for SEC Approval on Bitcoin ETF, This ICO Provides Final Opportunity for BTC Purchases
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Bitcoin's price has climbed 0.3% in the last 24 hours, trading at $105,418 as of 4:19 a.m. EST. However, daily trading volume dropped by 13% to $24 billion.
The modestly increased Bitcoin price comes after NYSE Arca filed for the launch of the Truth Social Bitcoin ETF, backed by Trump Media & Technology Group. This proposed fund tracks the price of Bitcoin, similar to existing spot Bitcoin ETFs. Foris DAX Trust Company, a subsidiary of Crypto.com, is set to serve as the fund's custodian if approved.
With Bitcoin already sitting at $105,514, a Trump-backed spot ETF could potentially push it even higher, perhaps even past the $111,917 high from May 22.
Keep an eye on the $107,366 resistance level 🚀
The 4-hour BTC/USD chart shows Bitcoin in a larger downward channel pattern since late May. This bullish setup often results in a breakout to the upside. The price is currently slightly below the 50 Simple Moving Average (SMA) resistance around $106,1465.
If the BTC price breaks and holds this resistance level, we might witness a breakout from the larger downward channel toward the "Key Resistance Level" marked at $107,366.
The Relative Strength Index (RSI) at 49.95 is not overbought, but is consolidating around the mid-point, hinting that BTC accumulation may still be occurring. With room to move toward overbought conditions, a BTC breakout could be imminent.
BTCUSD Analysis Source: Tradingview
BTC Price Aims for $107,366: Positive Open Interest Signals Bullish Movement 📈
Data from Coinglass shows both Bitcoin's price and open interest (OI) have been increasing. When the OI rises, it indicates that capital is flowing into Bitcoin. When coupled with a price increase, it signals that traders are entering long positions on the asset.
If the ETF news supercharges sentiment, Bitcoin could break through $107,366, possibly reaching $110,000 and then $111,917— aiming for the $120,000 psychological target level.
However, if the SEC plays hardball and rejects the ETF, there might be a dip. The chart's lower support at $100,000 - $102,000 could catch a fall, but a break below that might send BTC to $95,000, where buyers could step in again.
Short-term, BTC is looking bullish and could soar to $112,000 by mid-June if the breakout happens, and $120,000 by July if this particular ETF is approved. But keep an eye on that $100,694 support.
Secure Your Fortune with the BTC Bull Token Presale 🐂🧨
As Bitcoin hovers around $105,500, the new player known as BTC Bull Token (BTCBULL) continues to surge in its presale, which has already raised over $6.7 million.
BTCBULL offers everyday investors a fun, easy way to participate in the crypto ride without needing to buy a whole Bitcoin. This innovative project rewards holders with real Bitcoin airdrops when BTC hits specific price milestones. For instance, when BTC hits $150,000, BTCBULL holders receive a Bitcoin airdrop—and additional airdrops follow every $50,000 increase.
BTCBULL also burns tokens starting when Bitcoin reaches $125,000, with a chunk of tokens removed from circulation every $50,000 after that. This reduction in supply combined with increased demand could lead to price growth, and staking rewards currently stand at an attractive 60% APY.
Now, crypto influencers are taking notice. One analyst from the popular YouTube channel 99Bitcoins predicts that BTCBULL could surge 10x after its presale ends on June 30, 2025.
Tokens are available for purchase for just $0.002545 apiece. You can buy BTCBULL using ETH, USDT, or a bank card via the project's website.
Beware the countdown ends on June 30th! ⌛
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- The proposed Truth Social Bitcoin ETF, backed by Trump Media & Technology Group, could potentially push the Bitcoin price even higher, perhaps even past the $111,917 high from May 22, as it tracks the price of Bitcoin like existing spot Bitcoin ETFs.
- With the rise in open interest and the bullish BTC/USD chart pattern, if the ETF news supercharges sentiment, Bitcoin could break through the $107,366 resistance level and potentially reach $110,000 and then $111,917, aiming for the $120,000 psychological target level.
