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 <p><a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> bears continue to have an upper hand with the US SEC delaying the decision on seven spot <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> ETF applications from BlackRock, Fidelity, Invesco, and others. The BTC price failed to break past the 200-day moving average of $27,500, which serves as an important resistance on the upside.</p>  
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 <p>On the downside, the <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> price seems to be ready to retest the support of $25,000 in the near term. During the <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> price pump earlier this week, after the Grayscale victory, crypto analyst Ali Martinez had already cited the chances of BTC price manipulation. The recent price correction validates his theory.</p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">Technical analysis alone can't reveal the intricacies of market manipulation! That's why a comprehensive approach, blending both on-chain and technical analysis, offers the deepest insights. https://t.co/1b8QmmmYvd pic.twitter.com/X0wJsQmmkR</p> 
  <p>— Ali (@ali_charts) August 31, 2023</p>  
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 <p></p> 
 <h3 id="what-s-next-for-bitcoin-690-million-worth-of-btc-options-to-expire">What’s Next for Bitcoin, $690 Million worth of BTC Options to Expire?</h3> 
 <p>Later today, a total of 26,000 Bitcoin options are set to expire as per the data from Greeks.live. The Put Call Ratio, which compares the number of put options (betting on a price decrease) to call options (betting on a price increase), is at 0.50.</p>  
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 <p>The “max pain point” is the price at which most options contracts will expire worthless for the holders, and in this case, it’s $27,000. The total value of all these options contracts, also known as the notional value, is $690 million.</p> 
 <p>On the technical chart, <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> continues to show weakness. The month of September could prove to be quite bearish for <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a>. As we can see in the below technical chart, the BTC price could consolidate at $26,000 for some more time, before a possible breakdown.</p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">There's a difference between bias and conviction. It took 2 days for $BTC to retrace this news and I was very vocal about it. Many still grasping narratives at this point. The sooner we can finish the correction the sooner we can go up. pic.twitter.com/jUUelEiSp7</p> 
  <p>— IncomeSharks (@IncomeSharks) August 31, 2023</p> 
 </blockquote> 
 <p></p> 
 <p>On the other hand, analysts are not very hopeful for <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> to make new 2023 highs this year. It will be interesting to see how BTC could perform going ahead.</p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">I won't be surprised to see #<a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> consolidate between $25,000 – $32,000 for the remainder of 2023. pic.twitter.com/2BihBPZaCJ</p> 
  <p>— Crypto Rover (@rovercrc) August 31, 2023</p> 
 </blockquote> 
 <p></p> 
</div>  
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/btc-price-tanks-soon-as-sec-delays-decisions-on-bitcoin-etf-tbt61173.html">https://thebittimes.com/btc-price-tanks-soon-as-sec-delays-decisions-on-bitcoin-etf-tbt61173.html</a></p>

BTC Price Tanks Soon As SEC Delays Decisions on Bitcoin ETF

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