Bitcoin Today: waiting for ETF
Price
The weekends went calmly, with the price gradually rose from the 6150 level, reaching 6400 at the beginning of the Monday. Today BTCUSD pair was picked upwards and broke above the 6400 level, aiming for the first key resistance 6600. In case if we will see BTC above 6600 today, the next target will be 7000. Only after the breakthrough above 7000, BTCUSD pattern could be changed for the turnaround/bullish scenario, till then the price looks downwards. Also, one of the key factors why uptrend won't unfold right now is expectations of the SEC answer about ruling on a proposed by CBOE bitcoin ETF, which should be made somewhere between 10 and 16 August. So, for now, the best case scenario is lateral movement between 6000 and 7000 levels. In near-term perspective, from the upside – 6600 resistance, from the below – 6100.
Today forecast
Trading in the 6300 – 6600 zone.
Latest news
The weekends went calmly, with the price gradually rose from the 6150 level, reaching 6400 at the beginning of the Monday. Today BTCUSD pair was picked upwards and broke above the 6400 level, aiming for the first key resistance 6600. In case if we will see BTC above 6600 today, the next target will be 7000. Only after the breakthrough above 7000, BTCUSD pattern could be changed for the turnaround/bullish scenario, till then the price looks downwards. Also, one of the key factors why uptrend won't unfold right now is expectations of the SEC answer about ruling on a proposed by CBOE bitcoin ETF, which should be made somewhere between 10 and 16 August. So, for now, the best case scenario is lateral movement between 6000 and 7000 levels. In near-term perspective, from the upside – 6600 resistance, from the below – 6100.
Today forecast
Trading in the 6300 – 6600 zone.
Latest news
- Bitcoin ETF Decision may be held later than 10 August
On June 26 last month the U.S. Securities and Exchange Commission (SEC) received an application from CBOE Global Markets for a bitcoin exchange-traded fund (ETF) license.
CBOE Global Markets is the company that owns the Chicago Board Options Exchange (CBOE) as well as the BATS Global Markets, a pan-European market that operates between London and the U.S.
Approval of a bitcoin ETF could be huge news for the cryptocurrency market. Van Eyck CEO Jan van Eyck believes the creation of a bitcoin ETF will give further exposure to the price of bitcoin and help protect shareholders against operational risks associated with investing in the asset.
In an article published by CoinGape on July 11, it was suggested that the SEC would make their decision regarding the proposal by August 10. However, according to a Reddit post made last night by exceptionally well-named Reddit user CryptopherWalken, it now seems that date may not be correct.
The CoinGape article appears to have reached the date due to a notice from the SEC stating that a decision will be no less than 45 days from the date of publication in the Federal Register. The SEC notice was published on June 26, but that’s not the same date that it was published in the Federal Register.
The Federal Register publication only appeared on July 2, meaning the date for a decision can be no sooner than August 16. Even then, the date can be extended if required and even once the eventual date does arrive the SEC can still initiate further proceedings to assist in decision making.
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