• Top trader DonAlt believes Bitcoin (BTC) has entered a downtrend after losing $30,000 as support.
• DonAlt says Bitcoin was given a shot in the arm by BlackRock’s application for a spot-based BTC ETF.
• The crypto strategist says that Bitcoin must close the week above $30,000 to regain its bullish momentum.
Bitcoin (BTC) Downtrend Already Underway
A top trader named DonAlt believes that Bitcoin’s (BTC) trend has shifted to the side of the bears after losing $30,000 as support. According to DonAlt, Bitcoin is already in a steady downtrend since June.
BlackRock Application Gives Crypto Boost
DonAlt also notes that BlackRock’s application for a spot-based BTC exchange-traded fund (ETF) gave the top crypto asset a shot in the arm. However, he still remains bearish on BTC and notes that it must close the week above $30,000 to regain its bullish momentum.
The pseudonymous crypto analyst advises his followers to bet on an outcome if they think BlackRock’s ETF will be approved soon or target lower if they think it’ll get delayed or denied. At time of writing, Bitcoin is trading for $29,766 which suggests that bulls are not yet out of the fight.
DonAlt Calls for Close Above $30K
Donalt highlights that Bitcoin must close the week above $30,000 to regain its bullish momentum and restore faith among traders who have been cautious about entering into positions in recent weeks due to market volatility.
Overall DonAlt is bearish on BTC but there are signs that bulls are not yet completely out of the fight and could potentially make their presence felt if they manage to push Bitcoin prices back up past $30K this week.