Home Finance News Bitcoin’s bearish tendencies emerge as ETF approvals face delaying setbacks.

Bitcoin’s bearish tendencies emerge as ETF approvals face delaying setbacks.

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Bitcoin’s bearish tendencies emerge as ETF approvals face delaying setbacks.

Bitcoin ETFs might face further delays as the United States Securities and Exchange Commission (SEC) has once again postponed its decision. This announcement followed a congressional hearing during which SEC Chairman Gary Gensler faced intense questioning. The delay had a negative impact on Bitcoin’s performance, as it failed to break the $27,000 mark. Market indicators also pointed towards a potential price correction.

The delay in the SEC’s decision-making process caused a drop in Bitcoin’s weighted sentiment. However, the cryptocurrency’s social volume remained high, indicating its continued popularity in the market. Buying sentiment was affected, with more investors selling their holdings, potentially signaling a market top. Despite these indicators, the exchange reserve appeared optimistic as the metric showed a decrease.

Selling pressure increased as Bitcoin struggled to surpass the $27,000 level. While its price had increased by over 1.5% in the past seven days, it remained below the desired mark. Key technical analyses, such as the MACD and RSI, suggested a battle between bulls and bears and predicted slow-moving days in the upcoming weeks. Overall, the delay in Bitcoin ETFs and various market indicators hinted at a possible price correction for the cryptocurrency.

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