Bitcoin price analysis: BTC/USD crashes to $6,556 as SEC postpones VanEck verdict

BTC/USD has lost 5% on a daily basis amid strong sell-off.
SEC's decision to postpone the verdict until September 30 worsened market sentiments.

Tanya Abrosimova Independent Analyst

Bitcoin attempted a short-lived recovery on Tuesday, but bulls' hopes for recovery were ruined by SEC's decision to postpone a verdict for VanEck, the first bitcoin-related exchange-traded-fund. The digital coin No.1 is changing hands at $6,580 at the time of writing, down nearly 5% since this time yesterday and almost 2% since the beginning of Wednesday.

According to the notice, published by SEC, the regulator received over 1,300 comments on the proposed changes to the effective rules, which will allow to list and trade shares issued by VanEck SolidX Bitcoin Trust.

“Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,6 designates September 30, 2018, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SRCboeBZX-2018-040),” the document goes.

Initially, the decision was supposed to be announced on August 10. The delay discouraged Bitcoin traders and triggered massive sell-off, intensified by the breakthrough below technically essential levels.

Bitcoin's technical picture

Technically, BTC/USD is trading below both 50-DMA and 23.6% Fibo retracement level of the upside movement from $5,800 to $10,000. This is a bearish signal, which means that more downside may be in store with the first technical aim at $6,400 created by Pivot Point one-month Support 1. If it is cleared, 6,000 will come into focus. It is worth noting that there are few support levels on the way down, making it the path of least resistance.

BTC/USD, a daily chart

Author

Tanya Abrosimova

Independent Analyst

Uniswap extends rally amid Arc stablecoin liquidity partnership

Uniswap approaches $3.00 at the time of writing on Tuesday, extending its rebound for the sixth consecutive day. The rebound aligns with the broader risk-on mood in the crypto market, with Bitcoin trading above $67,000.

Crypto Today: Bitcoin extends recovery above $66K as Ethereum and XRP lose momentum

Bitcoin holds above $66,000, seemingly poised to extend its rebound, supported by growing retail demand. Ethereum struggles near the $1,800 short-term supply range despite a strengthening derivatives market.

Bitcoin rebound driven by fading selling pressure as demand remains subdued

Bitcoin extends its recovery, trading above $66,500 on Tuesday, marking four consecutive days of green candlesticks. Report highlights that BTC is staging a tentative relief bounce from deeply oversold conditions, suggesting stabilization rather than a trend reversal.

Zcash, Near Protocol, Hyperliquid regain bullish momentum after Arthur Hayes exit

Zcash, NEAR Protocol, and Hyperliquid edge higher on Tuesday, extending their recovery so far this week. Retail and institutional demand heats up for altcoins, fueling a rebound as prices fully absorb the impact of Arthur Hayes's exit.

Experts agree: Bitcoin nears bottom, but weak demand raises doubts

Bitcoin (BTC) is trading above $63,000 at the time of writing on Friday after rebounding from the key 200-week Simple Moving Average (SMA) near $62,000, a level widely viewed as key long-term support. The recovery may suggest that Bitcoin has found a floor after a sharp correction that spanned more than a month, but some warning signs persist.