Bitcoin (BTC) has been consolidating above $35,000 for several days, but the bulls have failed to resume the uptrend above $38,000. This suggests hesitation to buy at higher levels. BitGo CEO Mike Belshe said in a recent interview with Bloomberg that there is likely to be another round of rejections of the spot Bitcoin exchange-traded fund applications before they are finally approved.

Multiple analysts believe Bitcoin will enter a correction in the near term, with the worst outcome projecting a drop to $30,000. However, the fall is unlikely to start a bear phase. Look Into Bitcoin creator Philip Swift said that on-chain data suggests that the Bitcoin bull market is still in its early…

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