Bitcoin Today: holding to the 100-days EMA, waiting for ETFs
Price
BTCUSD reacted on the 7450 - 7600 support zone and after spending whole yesterday in this zone, today Bitcoin price rose above the 7600 level adding more to the 7450 - 7600 supportive value. For now, the market will be looking for the proper boundaries for its correctional movement, which will last at least until the next SEC comments on ETF.
Many analysts, including the head of Van Eyck Investment and SolidX, believe that the bitcoin price will grow substantially once the first ETF is approved:
"If solidX Bitcoin-ETF is approved on August 10, It is likely to become a Catalyst for the sharp rise in bitcoin price and the entire Cryptocurrency market."
Also, there are believers that SEC will postpone this proposal closer to the presumed date of August 10, as it did with Direxion.
On July 26 the decision for Direxion ETF proposals was postponed till September 21
“The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change.”
Back to BTCUSD, if it manages to stay above the 100-days EMA this will add to the bullish market view, in that case, we would expect the price to hold in the 7600 – 8200 boundaries for the next week. Descent below the 7450 will lead price to the next psychological barrier at 7000.
Today forecast
Trading in the 7450 – 7850 zone.
Latest news
BTCUSD reacted on the 7450 - 7600 support zone and after spending whole yesterday in this zone, today Bitcoin price rose above the 7600 level adding more to the 7450 - 7600 supportive value. For now, the market will be looking for the proper boundaries for its correctional movement, which will last at least until the next SEC comments on ETF.
Many analysts, including the head of Van Eyck Investment and SolidX, believe that the bitcoin price will grow substantially once the first ETF is approved:
"If solidX Bitcoin-ETF is approved on August 10, It is likely to become a Catalyst for the sharp rise in bitcoin price and the entire Cryptocurrency market."
Also, there are believers that SEC will postpone this proposal closer to the presumed date of August 10, as it did with Direxion.
On July 26 the decision for Direxion ETF proposals was postponed till September 21
“The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change.”
Back to BTCUSD, if it manages to stay above the 100-days EMA this will add to the bullish market view, in that case, we would expect the price to hold in the 7600 – 8200 boundaries for the next week. Descent below the 7450 will lead price to the next psychological barrier at 7000.
Today forecast
Trading in the 7450 – 7850 zone.
Latest news
- Korean Crypto Exchange Bithumb Suspends Opening New Virtual Accounts
Bithumb has suspended issuing new virtual accounts to crypto traders starting on August 1 after failing to renew the contract with its bank. These accounts are part of the real-name system enforced by the Korean government earlier this year. Only three exchanges in the country are now reportedly able to open new virtual accounts for their customers.
Crypto exchange Bithumb has announced the suspension of new virtual account issuance starting on August 1. With a 24-hour trading volume of $245,786,110 at the time of this writing, Bithumb currently ranks as South Korea’s largest cryptocurrency exchange by trading volume, according to Coinmarketcap.
