Bitcoin pivotal at $8,000: Ignores VanEck BTC ETH delay by the SEC
|- Bitcoin has entered the beginning of a parabolic move resembling the one in 2017.
- Once again the SEC cites “fraudulent and manipulative acts and practices.”
Since Bitcoin returned to the levels around $8,000 following the “crash” on Friday last week when the largest cryptocurrency by market capitalization plunged from the levels around $8,400 to $6,500. The immediate reversal had investors believing that the Bitcoin has not only found a bottom but also it has entered the beginning of a parabolic move resembling the one in in 2017. Tom Lee of Fundstrat recently said the Bitcoin return to $8,000 marked the beginning of a bull rally.
Meanwhile, the Securities and Exchange Commission (SEC) has once again delayed the verdict on the filed Van Eck and SolidX’s BTC exchange-traded fund (ETF). The news of the delay was released in a document on Monday 20. The regulator said that it was within its rights to postpone the verdict which now gives is a 90-day window until August 19, 2019. Once again, in the document, the SEC cited “fraudulent and manipulative acts and practices.”
Bitcoin is currently exchanging hands at $7,932.00. It has since the week’s trading began defended the support at $7,500 and $7,000. At the moment, $8,000 is the pivotal level with the upside correction to 2019 high at $8,384 proving to be an uphill task. According to the Relative Strength Index (RSI) currently horizontal at 55.17, BTC/USD likely movement is sideways. The same trend is emphasized by the Moving Average Divergence Convergence (MACD) as seen on the chart.
BTC/USD 4-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.