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.

Tanya Abrosimova Independent 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

Independent Analyst

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

Avalanche struggles near $12 as Grayscale files updated form for ETF

Avalanche trades close to $12 by press time on Wednesday, extending the nearly 2% drop from the previous day. Grayscale filed an updated form to convert its Avalanche-focused Trust into an ETF with the US Securities and Exchange Commission.

Bitcoin slips below $87,000 as ETF outflows intensify, whale participation declines

Bitcoin price continues to trade around $86,770 on Wednesday, after failing to break above the $90,000 resistance. US-listed spot ETFs record an outflow of $188.64 million on Tuesday, marking the fourth consecutive day of withdrawals.

Michael Selig assumes role as new CFTC Chair, what does this mean for crypto?

Michael Selig has been sworn in to serve as the 16th Chairman of the Commodity Futures Trading Commission. Selig was confirmed by the US Senate to head the commission last week, following his October nomination by the US President Donald Trump.

Crypto.com hires sports trader for event prediction market-making

Crypto.com plans to recruit a quant trader for the sports market-making team to buy and sell financial contracts related to these events. Opponents argue that internal trading desks put operators or their affiliates on the opposite side of customer trades.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.

Legal Text

Markets move fast. We move first.

Editor's Picks