RATE Group | Bitcoin Price Looks North Despite SEC’s Latest ETF Rejection
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Bitcoin Price Looks North Despite SEC’s Latest ETF Rejection

11 Oct Bitcoin Price Looks North Despite SEC’s Latest ETF Rejection

Posted at 07:38h in Cryptocurrency News by

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  • Bitcoin’s short-term bullish view remains intact.
  • Daily chart indicators are biased bullish, while the 4-hour chart is reporting a bullish reversal pattern. So BTC could rise to $9,000 in the days ahead.
  • The bullish case would weaken if prices drop below key support at $8,110.

Bitcoin (BTC) continues to look north and may rise to $9,000 in the short-term despite a U.S. regulator’s decision to reject a bitcoin exchange-traded fund (ETF) proposal.

The U.S. Securities and Exchange Commission (SEC) on Wednesday announced that the ETF proposal filed by Bitwise Asset Management in conjunction with NYSE Arca did not meet the necessary requirements to prevent market manipulation and illicit activities.

The top cryptocurrency by market value hit a two-week high of $8,708 on Bitstamp and retreated to levels below $8,550 before CoinDesk reported the SEC’s decision at 21:45 UTC yesterday.

However, BTC remained bid following the negative news and has been restricted…

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