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 <p class="is-style-lead">Bitcoin (BTC) has undergone a <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> correction, falling below the $26,000 level on the heels of the U.S. Securities and Exchange Commission’s (SEC) <a rel="noopener noreferrer nofollow" title="delay" href="https://thebittimes.com/tag/delay.html">delay</a> 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 #Bitcoin ETF applications. pic.twitter.com/oJg4xdjThx</p>— Bitcoin Magazine (@BitcoinMagazine) August 31, 2023 
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 <p>The correction came <a rel="noopener noreferrer nofollow" title="follow" href="https://thebittimes.com/tag/follow.html">follow</a>ing mid-week gains driven by positive 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 decision 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 gave back a significant portion of these gains, with crypto advocates arguing that the approval of a Bitcoin spot ETF could act as a massive <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> catalyst for the coin.</p> 
 <p>At the time of writing, Bitcoin was trading at $25,840, per CoinGecko, showing a minor 0.5% increase over the past 24 hours.&nbsp;</p> 
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  <img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh3.googleusercontent.com/fm_UC57cRQ9GkGrs-uibxkbj2afaixVKSWB_hCyzPb88_Na0oZkYuTZEQhQE0CUKl40kFpP7j3sziW92ZDJktxs7jwYOJjBrasDk6vzAQl0Cdag8MVGlhLIdI6xpiKrdtg5K5Ksj3Zz-bMoJuQbIveM" alt="BTC price settles following SEC’s spot Bitcoin ETF delay - 1"> 
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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 insights 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://thebittimes.com/image/getimage/?url=https://lh4.googleusercontent.com/qFva1YoPBMjuTrAWXdSzBf8VCadwRVWidJZWe6ySon_E-sPJr-_DEyfv0pMM1_ov7O6QMkHndspJtHStfH7jcG370B7HuLSmn6CR4xivmpu9YrNBP6whUVntDyEVU5jI_olvwsQXMbwLh-Eq6EvU4-U" alt="BTC price settles following SEC’s spot Bitcoin ETF delay - 2"> 
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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 <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> movement, he explained.</p> 
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Grayscale defeats SEC, ETF drama takes spotlight, Ronaldinho embroiled in crypto scam | Weekly Recap 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/btc-price-settles-following-sec-s-spot-bitcoin-etf-delay-tbt61376.html">https://thebittimes.com/btc-price-settles-following-sec-s-spot-bitcoin-etf-delay-tbt61376.html</a></p>

BTC price settles following SEC’s spot Bitcoin ETF delay

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