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
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
