Bitcoin technical analysis: BTC/USD not bothered by BTC ETF's rejection, all eyes on $9,000

  • The Securities and Exchange Commission (SEC) finally rejects Bitwise Bitcoin exchange-traded fund (ETF) after numerous delays.
  • The SEC cited the Exchange Act and the inability of Bitwise to demonstrate the capacity to deal with fraud and market manipulation practices.
  • Bitcoin price retreated towards $8,500 but recovery on the news but recovery is underway.

Spot rate: $8,578

Trend: Short-term bearish

Support: $8,400 and $8,200

Resistance: $8,600 and $8,800

Volatility: Low

Read alsoCryptocurrency market update: Hope for a Bitcoin ETF handed a blow, Bitcoin, Ethereum and Ripple slash gains

BTC/USD daily chart

The Moving Average Convergence Divergence breaks out towards the positive region. The divergence suggests the bulls have control over the price.

The support between $7,700 and $8,000 has been instrumental to the ongoing recovery targeting $9,000.

BTC/USD 240’ chart

Bitcoin breaks above the short-term trendline resistance as buyers push the throttle towards $9,000.

BTC/USD consolidating within a flap pattern while gathering the strength to thrust towards $9,00.

The MACD enters the positive region and the positive divergence shows that the upward action is far from over.

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