Bitcoin or BTCUSD gains slightly after SEC decides to review ETF decisions after rejecting all the 9 ETF applications on 22nd August. According to technical indicators, the Bitcoin could experience a bullish move in coming days. Will Bitcoin Rise Again after SEC ETF Decision?
24 August, AtoZ Markets – Bitcoin failed to mount a potential short squeeze after the U.S. Securities and Exchange Commission (SEC) denied another round of three ETF proposals, including the ProShares application. Despite the negative news, the price of Bitcoin has held up well and still trades above $6,500 level. It was probably due to the review decision from the SEC today. The bearish day on Wednesday was a worry ahead of the SEC event but failed to see any follow through as yet. The overall crypto market has also stabilized, and the market capitalization for the cryptocurrency space is currently $213 Billion. We saw a high close to $300 billion in late July and a low near $180 billion in the last few weeks, so we are still in the lower end of that range.
Will Bitcoin Rise Again Towards $7000- 7500 Levels?
The BTCUSD soon will break because of the tight range between the $6,000 mark and the current $6,500 level. The next move might be directed by a substantial large investor hoping to get out. At the time of writing, the BTCUSD is trading near $ 6,550 level holding the total market cap of $113 Billion. Moreover, the Bitcoin and other alt-coins saw a significant hike in the trading volume after the SEC decision to review ETFs again.
Also, according to the CEO Yagub Rahimov of 7Marketz Inc. the Bitcoin could show a bullish move in coming days and expecting a potential reversal. Additionally, he is now optimistic for the Bitcoin. For more details check-out the “Crypto winter is almost over – SEC will review ETF decisions once more time” video.
According to technical charts, The 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. The BTCUSD pair might make a bullish move in short-term as the gap between the moving average increases. The Relative strength index RSI (14) is near 50% which is neutral for the pair. The CCI index is a momentum-based technical trading tool used to determine when a market is overbought or oversold. CCI today is above 100, indicating Buying action.
Moreover, According to Fibonacci charts, the BTCUSD pair is trading well above the 38.2% fibo retr zone after a bullish breakout since past few days. The pull above the 61.8% Fibo retr. zone i.e. $6649.1 price mark will be healthy sign for the Bitcoin and might boost the price above $ 7000 levels in coming days. I am highly optimistic for the Bitcoin in near term and could expect a bullish reversal this week.
BTCUSD Weekly Pivot Points
The BTCUSD pair has a strong weekly support near 5972 level and resistance above $ 6700 level.