Bitcoin (BTC) Slumps on ETF Rejection Rumor, All Eyes on the SEC – DailyFX

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Note: Low and High figures are for the trading day.
Note: Low and High figures are for the trading day.
Note: Low and High figures are for the trading day.
Note: Low and High figures are for the trading day.
Note: Low and High figures are for the trading day.
Note: Low and High figures are for the trading day.
Gold Prices Break Below Major Support Zone. What Does Technical and Fundamental Analysis Suggest?
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A bearish report by crypto financial services company Martixport is said to be behind the sharp sell-off in Bitcoin. The report suggested that despite all the recent meetings between ETF applicants and SEC staff, and subsequent amendments, all applications will fall short of SEC requirements and will be denied in January. The report added that these requirements may be fulfilled by Q2 2024.
Bitcoin has been pushing higher over the past months on spot ETF fever with BTC/USD rallying from around $25k in mid-September. Volume and leverage have also been picking up recently and the speed of today’s sell-off suggests that leveraged long positions are being flushed out of the market. It is worth noting that today’s current quote ($42.4k) is back at levels last seen two days ago.
If this market rumor is confirmed by the SEC, Bitcoin may well fall further with $38k as the next stopping point. If unconfirmed BTC will likely press back towards the $44k area and wait for further announcements.
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What is your view on Bitcoin – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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