The US SEC not ready to decide on Bitcoin ETF, BTC/USD remains Zen-like calm as of yet

BTC/USD settled above $6,500, but the upside potential is limited.
Bitcoin's market dominance dropped to 53%.
SEC wants more feedback before it can decide on Bitcoin ETF.

Tanya Abrosimova Independent Analyst

Bitcoin has gained 2.3% on a day-to-day basis, which pales in comparison with XRP's 40%-rise. The digital coin No.1 managed to pass through $6,500 hurdle and settled at $6,542 by press time. The breakthrough was accompanied by a short-lived spike in trading volumes. In general, BTC/USD has been creeping higher for the past four days and managed to get back to the previous week's range. Now the nearest resistance is seen at $6,600' this area is strengthened by 38.2% Fibo retracement at $6.612 and SMA200 (4-hour chart) at $6,624. The support is at $6,500.

Bitcoin used to be the trendsetter on the cryptocurrency markets, but now this is not the case anymore as altcoins have been much more active in the recent week. Bitcoin dominance dropped to 53%, which is the lowest level since the beginning of September. As the theory goes, Bitcoin's market share is growing amid crypto variation of risk aversion, which means that currently, the market is pretty confident, despite some alarming news form regulatory authorities.

Thus, the US SEC postponed the ruling on the proposal submitted by Cboe BZX Exchange, Inc. to list and trade shares of SolidX Bitcoin Shares issued by the VanEck SolidX Bitcoin Trust. The market was waiting for the decision scheduled on September 21, but the regulator chose to ask for more feedback on the subject matter.

According to the document, published by SEC late on September 20, the regulator needs to clarify quite a number of questions, including market manipulation risks, surveillance and proposed bitcoin holdings evaluation methods.

"Interested persons are invited to submit written data, views, and arguments regarding whether the proposal should be approved or disapproved by [insert date 21 days from publication In the Federal Register]. Any person who wishes to file a rebuttal to any other person’s submission must file that rebuttal by [insert date 35 days from publication in the Federal Register]," according to the statement.

BTC/USD, 4-hour chart

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Author

Tanya Abrosimova

Independent Analyst

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