Bitcoin – Bulls in Limbo as the SEC Reviews its latest Rejections

Bitcoin sees red early as investors continue to flip-flop over the SEC decision on Bitcoin ETFs and what lies ahead from a regulatory stand point.
Bob Mason
cryptocurrency scams

Bitcoin gained 2.68% on Thursday, reversing Wednesday’s 1.98% fall, to end the day at $6,534.1.

A start of a day intraday low $6,350 steered well clear of the day’s first major support level at $6,102.07, with $6,300 continuing to provide Bitcoin with the necessary support through the week to avoid a more material pullback to sub-$6,200 levels last struck on 15th August.

In spite of the SEC’s decision overnight on Wednesday to reject 9 Bitcoin ETFs, Bitcoin and the broader market managed to avert a sell-off through the day, with Bitcoin moving through to a late in the day intraday high $6,566.6 before easing back, the day’s high falling short of the first major resistance level at $6,750.77 and the 23.6% FIB Retracement Level of $6,757.

Thursday’s gains pulled Bitcoin into positive territory for the week, Bitcoin bucking the trend across the broader market, while the extended bearish trend remains firmly intact, with Bitcoin last breaking through the 23.6% FIB Retracement Level of $6,757 to $7,000 levels back on 7th August.

On the news wires, Bitcoin and the broader market ultimately found support through the day from an announcement by the SEC that it would be reviewing the decision to reject the 9 Bitcoin ETF applications, though the SEC held back from providing a timeline that will leave Bitcoin and the broader market in limbo for that little bit longer.

Get Into Cryptocurrency Trading Today

At the time of writing, Bitcoin was down 0.57% to $6,489.8, with Bitcoin easing back from a start of a day morning high $6,539.9 to a morning low $6,480 before steadying, the moves through the early part of the morning leaving the day’s first major support level at $6,400.53 and first major resistance level at $6,617.13 untested.

Following Bitcoin’s first hold at $6,500 levels since last Friday, in spite of breaking through to $6,500 levels and beyond on each day, holding on to $6,500 levels through the early hours of this morning would have been key to support a second half of a day rally.

For the day ahead, a move back through to $6,500 levels and hold through the late morning would support a run at $6,600 levels to bring the first major resistance level at $6,617.13 into play, while we will expect Bitcoin to fall short of $6,700 levels and the 23.6% FIB Retracement Level of $6,757 barring positive news from the SEC.

Failure to break back through to $6,500 levels could see Bitcoin take a bigger hit later in the day, with the day’s first major support level at $6,400.53 and $6,300 levels in play should sentiment not improve across the broader market through the day.

While Bitcoin found support from the SEC’s announcement that it would review its rejection of the 9 ETFs on Thursday, sentiment may shift through the day, with uncertainty over whether the SEC will change its stance likely to weigh.

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.