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BTC price settles following SEC’s spot Bitcoin ETF delay

Published Sep 03, 2023 04:09PM ET Updated Sep 03, 2023 04:30PM ET
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BTC price settles following SEC’s spot Bitcoin ETF delay
 
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Crypto.news - Bitcoin (BTC) has undergone a price correction, falling below the $26,000 level on the heels of the U.S. Securities and Exchange Commission’s (SEC) delay in deciding whether to approve applications for spot Bitcoin ETFs.

The correction came following mid-week gains driven by positive regulatory news, which caused BTC to experience a remarkable 8% surge, hitting over $28,000 on Aug. 29. However, the coin failed to break through the significant resistance point of $30,000.

SEC delay cools down the market

The initial increase followed a federal appeals court’s decision directing the SEC to rethink its denial of Grayscale Investments’ request to convert its GBTC into an Exchange-Traded Fund (ETF).

Aligning with recent trends, Bitcoin quickly gave back a significant portion of these gains, with crypto advocates arguing that the approval of a Bitcoin spot ETF could act as a massive price catalyst for the coin.

At the time of writing, Bitcoin was trading at $25,840, per CoinGecko, showing a minor 0.5% increase over the past 24 hours.

BTC price chart | Source: CoinGecko

Over the course of last week, Bitcoin’s movements have been relatively stable, with a decline of about 1.1%.

Bitcoin fake pump?

However, the fluctuation experienced in the last few days has led to some speculation about the future of Bitcoin. A crypto analyst known as Tolberti shared his insights on TradingView on Sept. 3, suggesting that the sudden surge and subsequent drop in Bitcoin’s value could potentially be a “bull trap” or “fake pump.”

He noted a significant head and shoulders pattern in the current Bitcoin chart, typically indicative of bearish trends.

BTC/USDT chart | Source Tolberti via TradingView

Tolberti saw this trend shift as a chance for traders to go short on Bitcoin, identifying key price levels as potential entry points. However, he warned that Bitcoin did not seem ready for a full-blown bull market, backing his bearish stance with several indicators.

One such indicator was Bitcoin trading below its 200-week moving average (M.A.), traditionally a sign of extended bearish sentiment. He speculated that Bitcoin could drop to $10,000, possibly reversing as early as March 2024.

He also acknowledged that Bitcoin displayed an impulse wave after a significant market crash — usually a bearish signal. A bullish correction might come before another considerable downturn, adding another layer of unpredictability to Bitcoin’s future price movement, he explained.

This article was originally published on Crypto.news

BTC price settles following SEC’s spot Bitcoin ETF delay
 

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