Monday, 17 June 2024
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BitcoinCrypto

After the SEC’s delay, the price of Bitcoin settled

  • Due to the U.S. SEC’s delay, the price of Bitcoin (BTC) has dropped below the $26,000 mark.
  • A big 8% increase in BTC that saw its price hit over $28,000 on August 29.
  • Tolbert hypothesized that Bitcoin’s quick rise and subsequent decline may have been a “bull trap”.

Due to the U.S. Securities and Exchange Commission’s delay in approving requests for spot Bitcoin ETFs, the price of Bitcoin (BTC) has corrected, dropping below the $26,000 mark.

A big 8% increase in BTC that saw its price hit over $28,000 on August 29 was followed by this pullback. The barrier level of $30,000 proved to be too strong for the coin to overcome.

Bitcoin

The SEC’s denial of Grayscale Investments’ request to have its GBTC converted into an ETF was the initial cause of the rise, which was decided upon by a federal appeals court. The introduction of a Bitcoin spot ETF, according to proponents of cryptocurrencies, might boost the value of the coin.

At the time of writing, Bitcoin was trading at $25,840 per CoinGecko, up just 0.5% from the previous day. With a loss of roughly 1.1% over the previous week, Bitcoin’s moves have been comparatively steady.

Tolbert, a crypto expert, hypothesized that Bitcoin’s quick rise and subsequent decline may have been a “bull trap” or “fake pump.” He saw a sizeable head and shoulders pattern, which is a hint of negative trends in the current Bitcoin chart.

Tolbert sounded the alarm that Bitcoin did not appear prepared for a full-fledged bull market and speculated that a positive correction would precede another large drop, adding even another element of unpredictability to the price movement of Bitcoin in the future.

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