Bitcoin price is pumping at 8 percent – the SEC-decision to VanEck Bitcoin ETF falls on Tuesday
Home News Bitcoin price is pumping at 8 percent – the SEC-decision to VanEck Bitcoin ETF falls on Tuesday
Marcus Misiak –
The fast-paced Ansteg the Bitcoin price has led many experts to believe that a correction of the increase was due and this also came up last Friday, as the Bitcoin exchange rate has fallen to 9 percent. The correction wave, which was expected by many of the prominent merchants, was about at 30-40%, what must the price of Bitcoin to $ 5,000 to 5,800 USD would have to fall.
The correction seems to be up to date, however, since the price of Bitcoin rose last night in less than an hour to more than 8%. After the daily trading volume fell to a Low of $ 20 billion, and the indicators began to decline further in view, speculated many analysts a further decline. Some said that Bitcoin is extremely overbought, and a downturn is imminent.
The exact opposite is happening. After Bitcoin spent most of the last 24 hours in order to trade sideways at 7,300 USD, the BTC price in the last night within 4 hours on a 24-hour High of 8,015 USD. Currently (at the time of writing) is the rate at 7.967 USD.
A Twitter user @DoveyWan suggested a head and shoulder pattern for Bitcoin:
The Analyst Josh Rager explained via Twitter:
$BTC – 1-hour-chart. Bitcoin seems to pump, certainly, is now above the previous resistance. The price is close to $8000 and appears to be moving towards the resistance of $8200 1D (could consolidate previously). A closing price over $8200 a day/week would be very optimistic, and $9600+ would aspire to.
The previous resistance zone is located at 8,200 USD, so that this Zone must be the next target for the Bitcoin price to break through. Another setback in front of this Zone could lead to the correction, the Vile have been waiting for. If the bulls can maintain their buying pressure, could BTC go all the way over 9,000 USD.
Positive message in view?
The current Pump could also be due to a rumor that the American Securities and Exchange Commission (SEC) may finally approve a Bitcoin ETF. Although the SEC has rejected all previous Attempts, there is a light at the end of the tunnel. The SEC held on the 21. May in New York, a conference on the future of ETFs and their potential impact on the financial industry will be discussed.
Important to know is that Hester “Crypto Mom” Peirce is the Keynote in charge. Peirce criticized, as we reported, on several occasions, the SEC rejection decisions to the Bitcoin ETFs. The fact that woman is the Peirce that the speech is for Many a reason to be optimistic. In addition, the SEC must announce their verdict on the SolidX/ VanEck Bitcoin ETF on the same day. Both of these events could possibly be combined and according to the optimists, in a public approval for a Bitcoin ETF as a result.
Despite the reasons for optimism, but the truth is that the majority of the crypto community, the SEC delayed its decision again. In a very pessimistic scenario, you could reject the application even. How the result looks really, but it can only show the Tuesday evening.
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