Bitcoin Price Key Highlights
- Bitcoin price tossed and turned around current support levels but is still on track to complete a double bottom pattern.
- Price is making its way closer to the neckline around the $6,600 level and a break higher could confirm an uptrend.
- Technical indicators are showing the presence of selling pressure, though.
Bitcoin price underwent a pickup in volatility as traders are positioning ahead of the SEC decision on bitcoin ETF applications.
Technical Indicators Signals
The 100 SMA is crossing below the longer-term 200 SMA to signal that the path of least resistance is to the downside. In other words, the selloff is more likely to resume than to reverse. Price is also hovering around these dynamic inflection points, still deciding whether they’ll hold as dynamic resistance or not.
A break past these inflection points and the neckline at $6,600 could confirm that an uptrend is underway. RSI looks ready to turn lower, though, so there may still be a return in selling pressure. Stochastic, on the other hand, has some room to climb before hitting overbought levels.
The pickup in volatility over the past 24 hours is being pinned on short positions building up leading to the SEC decision on the bitcoin ETF applications from VanEck and SolidX. Many are watching these instruments closely as it would provide easier access for investors to trade bitcoin. More importantly, it could set a precedent for other securities based on digital assets.
Recall that the regulator previously rejected a handful of proposals but almost immediately announced plans to review this decision. The review period hasn’t been specified, though, and many fear that the odds are dwindling as it takes longer. Meanwhile, the SEC also temporarily suspended trading on Bitcoin Tracker One and Ethereum Tracker one, citing confusion among customers on the nature of the underlying markets.
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