Bitcoin

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<p class="is-style-lead">Bitcoin (<a href="https://crypto.news/price/bitcoin/" data-type="link" data-id="https://crypto.news/price/bitcoin/">BTC</a>) has undergone a price correction, falling below the $26,000 level on the heels of the U.S. Securities and Exchange Commission’s (SEC) delay in deciding whether to approve applications for spot Bitcoin ETFs.</p> 
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   <p lang="en" dir="ltr">BREAKING: 🇺🇸 SEC delays decision on WisdomTree, Valkyrie, and Invesco's spot <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> ETF applications. <a href="https://t.co/oJg4xdjThx" target="_blank">pic.twitter.com/oJg4xdjThx</a></p>— Bitcoin Magazine (@BitcoinMagazine) <a href="https://twitter.com/BitcoinMagazine/status/1697335499243823470?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">August 31, 2023</a>
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<p>The correction came following mid-week gains driven by <a href="https://crypto.news/grayscales-bitcoin-etf-optimism-bolsters-crypto-market-sentiment/" target="_blank" rel="noreferrer noopener">positive</a> regulatory news, which caused BTC to experience a remarkable 8% surge, hitting over $28,000 on Aug. 29. However, the coin failed to break through the significant resistance point of $30,000.</p> 
<h2 class="wp-block-heading" id="strong-sec-delay-cools-down-the-market-strong"><strong>SEC delay cools down the market</strong></h2> 
<p>The initial increase followed a federal appeals court’s <a href="https://crypto.news/grayscales-bitcoin-etf-triumphs-over-sec-fueling-crypto-market-rally/" target="_blank" rel="noreferrer noopener">decision</a> directing the SEC to rethink its denial of Grayscale Investments’ request to convert its GBTC into an Exchange-Traded Fund (ETF).&nbsp;</p> 
<p>Aligning with recent trends, Bitcoin quickly <a href="https://www.barrons.com/articles/bitcoin-crypto-markets-today-dfcfb59e" target="_blank" rel="noreferrer noopener">gave back</a> a significant portion of these gains, with crypto advocates arguing that the approval of a Bitcoin spot ETF could act as a massive price catalyst for the coin.</p> 
<p>At the time of writing, Bitcoin was trading at $25,840, per <a href="https://www.coingecko.com/en/coins/bitcoin" target="_blank" rel="noreferrer noopener">CoinGecko</a>, showing a minor 0.5% increase over the past 24 hours.&nbsp;</p> 
<p> You might also like: <a href="https://crypto.news/former-sec-chair-jay-clayton-predicts-inevitable-approval-bitcoin-etf/"> Former SEC chair Jay Clayton predicts inevitable approval of Bitcoin ETF </a> </p> 
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 <img decoding="async" src="https://lh3.googleusercontent.com/fm_UC57cRQ9GkGrs-uibxkbj2afaixVKSWB_hCyzPb88_Na0oZkYuTZEQhQE0CUKl40kFpP7j3sziW92ZDJktxs7jwYOJjBrasDk6vzAQl0Cdag8MVGlhLIdI6xpiKrdtg5K5Ksj3Zz-bMoJuQbIveM" alt="BTC price settles following SEC’s spot Bitcoin ETF delay - 8">
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  BTC price chart | Source: CoinGecko
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<p>Over the course of last week, Bitcoin’s movements have been relatively stable, with a decline of about 1.1%.&nbsp;</p> 
<h2 class="wp-block-heading" id="strong-bitcoin-fake-pump-strong"><strong>Bitcoin fake pump?</strong></h2> 
<p>However, the fluctuation experienced in the last few days has led to some speculation about the future of Bitcoin. A crypto analyst known as Tolberti shared his <a href="https://www.tradingview.com/chart/BTCUSDT/3i2q8K02-Bitcoin-Bull-trap-of-the-year-fake-pump/" target="_blank" rel="noreferrer noopener">insights</a> on TradingView on Sept. 3, suggesting that the sudden surge and subsequent drop in Bitcoin’s value could potentially be a “bull trap” or “fake pump.”&nbsp;</p> 
<p>He noted a significant head and shoulders pattern in the current Bitcoin chart, typically indicative of bearish trends.</p> 
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 <img decoding="async" src="https://lh4.googleusercontent.com/qFva1YoPBMjuTrAWXdSzBf8VCadwRVWidJZWe6ySon_E-sPJr-_DEyfv0pMM1_ov7O6QMkHndspJtHStfH7jcG370B7HuLSmn6CR4xivmpu9YrNBP6whUVntDyEVU5jI_olvwsQXMbwLh-Eq6EvU4-U" alt="BTC price settles following SEC’s spot Bitcoin ETF delay - 9">
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  BTC/USDT chart | Source Tolberti via TradingView
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<p>Tolberti saw this trend shift as a chance for traders to go short on Bitcoin, identifying key price levels as potential entry points. However, he warned that Bitcoin did not seem ready for a full-blown bull market, backing his bearish stance with several indicators.&nbsp;</p> 
<p>One such indicator was Bitcoin trading below its 200-week moving average (M.A.), traditionally a sign of extended bearish sentiment. He speculated that Bitcoin could drop to $10,000, possibly reversing as early as March 2024.</p> 
<p>He also acknowledged that Bitcoin displayed an impulse wave after a significant market crash — usually a bearish signal. A bullish correction might come before another considerable downturn, adding another layer of unpredictability to Bitcoin’s future price movement, he explained.</p> 
<p> Read more: <a href="https://crypto.news/grayscale-defeats-sec-etf-drama-takes-spotlight-ronaldinho-embroiled-in-crypto-scam-weekly-recap/"> Grayscale defeats SEC, ETF drama takes spotlight, Ronaldinho embroiled in crypto scam | Weekly Recap </a> </p>

BTC price settles following SEC’s spot Bitcoin ETF delay

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