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 <p>The appeals court rejected the SEC’s decision to stop the conversion of the company’s <a rel="dofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> Trust product into an exchange-traded fund (ETF), following a reevaluation of its initial proposal.</p>  
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 <h2 id="will-btc-price-climb-to-30k-or-drop-to-25k">Will BTC Price Climb to $30k or Drop To $25k</h2> 
 <p>Crypto participants in the US and the world at large continue to wait with bated breath for the SEC to approve the first spot Bitcoin ETF. ETFs carry a lot of weight when it comes to the mainstream adoption of cryptocurrencies. They are a conduit for conventional investors to dip their feet in the crypto verse, without the need to hold the underlying digital asset like BTC.</p> 
 <p>Despite&nbsp;Grayscale’s victory, the road to the&nbsp;first approval of a spot ETF is very uncertain and remains at the mercy of the SEC, which is expected to decide on seven more proposals whose deadlines come in a week.</p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">99.99999% of the world doesn't know that the SEC has to decide on 7 BTC ETFs within the next 3 days:</p>  
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  <p>-blackrock<br>-bitwise<br>-vaneck<br>-wisdomtree<br>-invesco<br>-fidelity <br>-valkyrie</p> 
  <p>the suits at our doorstep</p> 
  <p>— odin free 🦇🔊 (@odin_free) August 29, 2023</p>
 </blockquote> 
 <p></p> 
 <p>On September 1, Bitwise, an investment company, will know the fate of its spot BTC ETF proposal. BlackRock, VanEck, Fidelity, Invesco, and WisdomTree are all waiting for the SEC’s verdict for their funds – anticipated by September 2, as indicated in numerous SEC filings.</p> 
 <p>Concurrently, Valkyrie is expecting a response from the SEC about its application by September 4.</p> 
 <p>Meanwhile, BTC price jumped in the direction of $30,000 following the appeals court ruling after consolidating its August losses around $26,000 and the major support at $25,000.</p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">Some size context for why $GBTC is a big deal.</p> 
  <p>The Grayscale Bitcoin Trust controls more than 635k BTC.</p> 
  <p>That's like 4.5 times the size of MicroStrategy. </p> 
  <p>Simply put they dominate the ETF-like products holding spot BTC by a big margin. pic.twitter.com/5lhwJKhhKy</p> 
  <p>— ecoinometrics (@ecoinometrics) August 29, 2023</p>
 </blockquote> 
 <p></p>  
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 <p>The largest crypto tested resistance at $28,000, reinforced by two indicators; the 50-day Exponential Moving Average (EMA) (red) and the 100-day EMA (blue). Although up 5.2% to $27,420,&nbsp;<a rel="dofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a>&nbsp;has corrected from the weekly high of $28,280.</p> 
 <figure id="attachment_157997" aria-describedby="caption-attachment-157997" style="width: 100%" class="wp-caption aligncenter">
  <img decoding="async" class="size-full wp-image-157997" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201233%20557'%3E%3C/svg%3E" alt="BTC price on the move to $28k" width="1233" height="557" data-lazy-src="https://cdn.thebittimes.com/images/2023/08/30/bbc35047e276f737e82d5b03ab7e9422.webp">
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  <figcaption id="caption-attachment-157997" class="wp-caption-text">
   BTC/USD daily chart | Tradingview
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 <p>If investors continue to heed the call to book fresh positions in BTC ahead of an expected climb above $30,000, the path with the least resistance would stick to the upside.</p> 
 <p>The Moving Average Convergence Divergence (MACD) indicator reinforced the bullish outlook with a buy signal. Traders consulting this momentum indicator buy when the MACD line in blue flips above the signal line in red.</p> 
 <p>If investors missed out on the sudden rally from $26,000 to $28,230, they may want to wait until <a rel="dofollow" title="BTC price" href="https://thebittimes.com/tag/btc-price.html">BTC price</a> confirms a breakout above the confluence resistance of around $28,000. Such a move would serve as an assurance of enough momentum to see <a rel="dofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> through $30,000.</p> 
 <p>Considering the weak market structure, investors should also prepare for a plausible correction back to $26,000 and possibly $25,000. At the same time,&nbsp;September might not be an easy month for <a rel="dofollow" title="BTC price" href="https://thebittimes.com/tag/btc-price.html">BTC price</a>, especially if the Federal Reserve in the US hikes interest rates again as it tightens its grip around the stubborn inflation.</p> 
 <p>Additionally, there is a possibility of the SEC approving ETF proposals as a batch or postponing the decision to a later date. The former outcome would be extremely bullish for BTC price while the latter may keep the market depressed, possibly paving the way for losses to $20,000.</p> 
 <h2 id="related-articles">Related Articles</h2> 
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  <li>Just In: Binance Ushers in “Send Cash” Crypto Platform in Latin America</li> 
  <li>Suspicious Bitcoin Trading Seen Prior To Grayscale Lawsuit Victory</li> 
 </ul> 
</div>    
<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/btc-price-climb-to-28k-on-the-verge-of-losing-momentum-tbt60875.html">https://thebittimes.com/btc-price-climb-to-28k-on-the-verge-of-losing-momentum-tbt60875.html</a></p>

BTC Price Climb To $28k On The Verge Of Losing Momentum

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