Bitcoin market overview: SEC delays ETF decision again, BTC/USD price falls down
- SEC has postponed the decision until October.
- The price dropped from $11,535 to $11,385 this Monday and is currently priced at $11,370.
The U.S. Securities and Exchange Commission (SEC) has dealt a major blow to the crypto community by delaying their decision to approve two Bitcoin exchange-traded funds (ETF). The decision has been postponed until October. The two ETF proposals were - Bitwise Bitcoin ETF Trust and the VanEck SolidX Bitcoin Trust.
Bloomberg reached out to Bitwise and SEC representatives for a comment, but none of them responded. Last year the agency rejected an exchange’s request to list a Bitcoin ETF backed by the Winklevoss brothers.
BTC/USD daily chart
BTC/USD went down from $11,535 to $11,385 this Monday. This Tuesday, BTC/USD has had a bearish breakout from the triangle formation and has gone down to $11,370. The 50-day simple moving average (SMA 50) curve acts as immediate support. The 20-day Bollinger jaw is widening, which shows increasing market volatility. The moving average convergence/divergence (MACD) shows decreasing market volatility. The Elliot oscillator has had two straight bearish sessions.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
