Bitcoin price analysis: BTC/USD stability enters week 5; Bitcoin ETF SEC approval is very unlikely

Bitcoin stability has entered the second month. Since the declines the first week of September where Bitcoin dropped like deadweight, the crypto has been trading in a steadily rising bullish channel. As discussed last week, decreasing prices lead to stability while at the same time reducing the rate of volatility. Bitcoin (BTC) has shown the stability like that of stable coins; small movements in either direction while defending the support at $6,400. On the upside, Bitcoin price is capped at $6,800.

At the moment, Bitcoin is trading within the month-long ascending channel with a support at $6,400. The consolidation that started at the beginning of the week continued over the weekend with the price stuck in a range between the upper limit at $6,600 and the lower limit at $6,500. BTC/USD is trading at $6,548 at the time of press following a subtle 0.36% drop on Monday. The trend is bullish, besides the MACD is ranging at the mean level while the RSI is changing the direction to the upside.

While there are several barriers preventing Bitcoin from retracing towards $7,000; at $6,600, $6,700 and $6,800, the downside is also laced with several support areas that will come in handy in case of a reversal. These support areas include $6,500, $6,400 and $6,200. The chart shows that the bulls have the upper hand, but they must break above $6,600 for a correction towards $6,700 and beyond in the medium-term.

Bitcoin exchange-traded fund

The deadline for Bitcoin exchange traded funds is approaching and investors are beginning to anticipate for the approval of at least one BTC ETF by the U.S. Securities and Exchange Commission (SEC). November 5 is the deadline for changes in the rule of ETF proposal by GranitShares and Proshares. Moreover, the date marks the end of all the public statements in support the idea of an approved ETF. However, SEC’s deadline for the approval or reject is in November. Significantly, it is vital for the investors to come to terms with the fact that the decision concerning ETFs approval is likely to take longer than the November deadline. Government enforcement defense and securities litigation attorney of Kobre and Kim LLC, Jake Chervinsky supports this by saying:

“Don’t get too excited, folks. Under Rule 431 of the SEC’s Rules of Practice, it only takes a single Commissioner to order a review like this. Hester Peirce deserves credit & respect for putting up a fight, but there’s no reason to think yesterday’s rejections will be reversed.”

BTC/USD 15’ chart