- The delay in the SEC’s decision-making process caused BTC’s weighted sentiment to drop.
- Most of BTC’s statistics and market indicators suggested the possibility of a price correction.
Bitcoin [BTC] ETFs have been a topic of discussion for some time. Now it has been revealed that BTC ETFs may be further delayed.
Read Bitcoins [BTC] Price prediction 2023-24
This news put a damper on BTC, which failed to cross the $27,000 mark. It is striking that the king coin has fluctuated around $26,500 – $27,000 over the past week.
A look at the Bitcoin and SEC episode
If reported Previously, the US Securities and Exchange Commission (SEC) took further steps to postpone its decision on spot Bitcoin ETFs. The latest decision came a day after SEC Chairman Gary Gensler was questioned during a hearing in the US Congress.
On September 29, Mags, a popular crypto trader and analyst, recently posted a tweet and noted:
“The SEC is trying to show they are not interested and pushing back the dates even though both the SEC and BlackRock know the inevitable outcome.”
#Bitcoin ETFs are postponed until the final deadline
The SEC is trying to show that they are not interested and is trying to push back the dates until the final deadline, even though both the SEC and BlackRock know the inevitable outcome.
BlackRock’s ETF should be the first… pic.twitter.com/6ZkfUf9WPR
— Mags (@thescalpingpro) September 29, 2023
This episode definitely had a negative impact on BTC‘s performance, which was evident from the slight decline in weighted sentiment in recent days.
However, Bitcoin’s social volume remained relatively high, reflecting its popularity in the crypto market.
Source: Santiment
Not only on a social level, but the episode also influenced buying sentiment, such as that of CryptoQuant facts revealed that BTC’s aSORP was in the red at the time of writing.
This meant more investors sold their holdings, which could signal a market top. The buyers’ purchase/sales ratio was also in the red, meaning that sales sentiment was dominant in the market.
However, the foreign exchange reserve looked optimistic as the gauge registered a decline.
Source: CryptoQuant
Is the price of BTC about to fall?
Selling pressure seemed to increase at a time when Bitcoin failed to break the $27,000 mark. According to Coin market capitalization, BTC has risen by more than 1.5% in the past seven days.
At the time of writing, it is trading at $26,952.5 with a market cap of over $525 billion.
Is your portfolio green? look at the BTC profit calculator
Take a look at BTCThe company’s daily chart has helped provide a better understanding of what to expect from the crypto in the coming days. For example, the MACD showed that the bulls and bears were trying to gain an advantage over each other.
Additionally, Bitcoin’s Relative Strength Index (RSI) and Money Flow Index (MFI) both moved sideways, suggesting investors could see a few more slow days in the coming weeks.
Source: TradingView