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Key features of the Bitcoin price
- The bitcoin price has dropped and has reversed current support levels, but is still on track to complete a double bottom model.
- The price is approaching the neckline around the $ 6,600 level and a higher break could confirm an uptrend.
- However, the technical indicators show the presence of sales pressure.
The price of the bitcoin has experienced a resumption of volatility while traders are positioning themselves before the SEC decision on the bitcoin ETF applications.
Technical indicators
The 100 SMA is going through under the longer-term SMA 200 to signal that the path of least resistance is downward. In other words, the selloff is likely to resume rather than the other way around. The price is also around these dynamic points of decline, still deciding whether or not to resist dynamic resistance.
A break above these inflection points and the $ 6,600 neckline could confirm that an uptrend is underway. RSI seems ready to turn lower, so there may still be a return to sales pressure. Stochastic, on the other hand, has room to rise before reaching levels of overbought.
BTCUSD chart from TradingView
The revival of volatility over the last 24 hours was focused on short positions that led to the SEC decision on the bitcoin ETF applications of VanEck and SolidX. Many look carefully at these tools, as they would give investors easier access to exchange bitcoins. More importantly, it could create a precedent for other titles based on digital resources.
Recall that the regulatory authority has previously rejected a handful of proposals, but almost immediately announced plans to revise this decision. However, the review period has not been specified and many fear that the likelihood is reduced as it takes longer. Meanwhile, the SEC has also temporarily suspended trading on Bitcoin Tracker One and Ethereum Tracker, citing confusion among customers about the nature of the underlying markets.
