Bitcoin – SEC Deliberates as it Stops Taking Further Comments

Bitcoin finds support early on as the broader market takes a slide, with hopes of the SEC approving a Bitcoin ETF supporting early on.
Bob Mason
Bitcoin Newspaper

By recent standards, Tuesday wasn’t a bad day for the Bitcoin bulls, with Bitcoin gaining 0.81% to reverse Monday’s 0.33% loss and end the day at $6,522.2.

Of significance was Bitcoin’s hold onto $6,500 levels by the day’s end, a first since 26th October’s $6,532.2.

A range bound start to the day saw Bitcoin lag well behind the day’s front runners, with Cardano’s ADA, Ripple’s XRP and Stellar’s Lumen well ahead of the pack before Bitcoin Cash’s late morning spring to life.

Bitcoin’s troubles at $6,500 levels was evident through the morning, unable to break out from the day’s first major resistance level at $6,502.1, a morning high $6,519 being coughed up with ease to pullback to sub-$6,500 levels.

Support from the broader market ultimately kicked in, with Bitcoin breaking back through the first major resistance level at $6,502.1 to an intraday high $6,527.7, holding above the first major resistance level by the day’s end a bullish signal for the day ahead.

Driving Bitcoin late in the day was an announcement by the SEC that all comments had been received and that no further comments would be taken. While the statement came up short of giving any indication of whether any of the 9 pending Bitcoin ETF applications will be approved, the Bitcoin bulls took this as a positive at the turn of the day.

The upward momentum comes at a time when volumes have been picking up and volatility has begun to creep back into the broader market, with the likes of Bitcoin Cash and Ripple’s XRP seeing sizeable gains in recent weeks, albeit for very different reasons.

It remains to be seen whether the market is on for another late in the year rally that saw the majors hit record highs late last year, Bitcoin coming up just shy of $20,000, but a single Bitcoin ETF approval would certainly pave the way for more gains across the crypto majors, particularly with the markets not having to worry too much about a material shift in the regulatory landscape until next summer.

Get Into Cryptocurrency Trading Today

At the time of writing, Bitcoin was up 0.99% to $6,587, with a bullish start to the day coming from Tuesday’s late rally, Bitcoin jumping to an early morning high $6,615 before easing back to $6,500 levels. Bitcoin’s first visit to $6,600 levels since 24th October saw Bitcoin break through the first major resistance level at $6,550.8 and second major resistance level at $6,579.4 before easing back.

For the day ahead, a move back through to $6,600 levels could see Bitcoin play catch up with the early part of the week cryptomarket front runners that have struggled in the early hours, with a hold above the first major resistance level at $6,550.8 supporting another rally later in the day.

Failure to hold onto $6,550 levels could see Bitcoin slide back through a start of a day morning low $6,511 to bring sub-$6,500 levels and the day’s first major support level at $6,470.5 into play before any recovery, more material losses unlikely barring particularly negative news hitting the wires, an SEC decision anticipated any day.

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

Top Promotions

Top Brokers

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.