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HomeFinance NewsDelays in ETF Approvals Heighten Bitcoin's Bearish Indicators

Delays in ETF Approvals Heighten Bitcoin’s Bearish Indicators

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The delay in the SEC’s decision on Bitcoin ETFs has caused BTC’s sentiment to drop and indicated a possible price correction. The SEC’s move to postpone the decision came after Chairman Gary Gensler faced questioning at a US Congressional hearing. The delay, seen as an attempt by the SEC to push the dates until the final deadline, had a negative impact on BTC’s performance, with its weighted sentiment decreasing. Despite this, Bitcoin’s social volume remained high, showing its continued popularity in the cryptocurrency market.

The delay also affected buying sentiment, as more investors were selling their holdings, potentially signaling a market top. However, the exchange reserve metric looked promising as it registered a drop. BTC’s price was struggling to break the $27,000 mark, and selling pressure was increasing. The cryptocurrency was trading at $26,952.5 with a market capitalization of over $525 billion. Technical indicators like the MACD, RSI, and MFI suggested that investors might expect slow-moving days in the coming weeks.

Overall, the news of the SEC’s decision delay dampened BTC’s performance, leading to a decrease in sentiment and potential selling pressure. However, despite these challenges, Bitcoin’s social volume remained high, indicating its ongoing popularity. Investors will need to closely monitor the market and pay attention to technical indicators in the coming weeks to anticipate any potential price movements.

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