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Bitcoin price analysis: BTC/USD stopped short of critical resistance; SEC is flooded with messages in support for crypto ETF

  • BTC/USD failed to break above critical $6,761.
  • SEC receives record number of opinions regarding new Bitcoin ETF.
Bitcoin price analysis: BTC/USD stopped short of critical resistance; SEC is flooded with messages in support for crypto ETF
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

Bitcoin, the largest digital currency by market value, is changing hands at $6,687, failing to break through 23.6% Fibo retracement. The coin touched $6,753 during early Asian hours. While the downside momentum is not so active during Asian hours, but the correction after a strong Monday rally seems likely.

Cryptocurrency community has been flooding SEC with messages in support for Bitcoin ETF. Three weeks ago the Securities and Exchange Commission sought for opinions on another Bitcoin ETF listing, since that time 90 individuals submitted their comments, which is 10 times more than during a previous case of gathering opinions on ETF back in April.

Bitcoin's technical picture

On the intraday level, BTC/USD is supported by $6,483 (50-SMA, 1-hour chart), followed by $6,400 handle, which capped the upside since July 10. Once it is broken, the sell-off may be extended towards $6,360 (100-SMA, 1-hour chart). On the upside, the nearest resistance comes at $6,761 closely followed by $6,800.

BTC/USD, the 1-hour chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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