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Bitcoin Price Watch: Currency Is Dipping Faster Than Anyone Could Predict

At press time, the world’s largest cryptocurrency by market cap is trading for just over $6,200. This is one of the biggest drops in recent weeks – over $900 in just 24 hours. All of bitcoin’s recent gains have been wiped away, and we are right back where we started. The recent bull run is virtually non-existent, and the bears now have full control.

This is getting old – and a little annoying. Is bitcoin completely incapable of deciding where it wants to be? How could it take so long to perform such an important rise, just to slink back down to where it was in a matter of days? Bitcoin is proving far more vulnerable than ever, and its reaction to the latest news is particularly overwhelming.

BTCUSD: Bitcoin

Over $9 billion has been completely erased from the cryptocurrency space, and it appears bitcoin isn’t alone in it’s descent. Several altcoins and major competitors are suffering as well. Ethereum, for example, has fallen by over $50 since yesterday and is now trading for $354, while entities like Litecoin have fallen by over nine percent in less than a day.

The recent fall likely stems from the Securities and Exchange Commission’s (SEC’s) recent decision to… not decide. Basically, the organization has postponed its decision regarding what to do with a recent bitcoin ETF proposal introduced by VanEck SolidX Bitcoin Trust. This is the company’s third attempt to get the bitcoin ETF proposed, and the SEC has shown time and time again that it is either completely unaware of how to handle it, or it has no interest. The body has repeatedly postponed all decisions regarding such ETFs or has outright rejected them.

For instance, a bitcoin ETF application was submitted just last week by the Winklevoss Twins of the Gemini Exchange in New York. Sadly, this application was also rejected, but many believed it was because the organization was too busy concentrating on the VanEck entity, which up to that point, appeared to be in good standing and likely had a solid chance of garnering approval.

Unfortunately, we can clearly see this is not the case. What would have been unique in this case is that the VanEck entity would have been backed not by futures, but by actual bitcoins. Furthermore, investors wouldn’t buy the underlying asset; rather, an ETF seeks to track the price of a specific entity that is listed on an exchange somewhere.

ETFs are often seen as a way for institutional investors to safely enter the crypto space. They can get involved in digital currency without purchasing coins via digital asset exchanges, which have been prone to various hacks and malicious activity over the past four years.

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Bitcoin Price Watch: BTC Facing Uphill Task Near $3,500

Key Points Bitcoin price is under pressure below the $3,500 and $3,520 resistance levels against the US Dollar. Yesterday’s highlighted crucial bearish trend line is intact with resistance at $3,520 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price may continue to find a strong resistance near the $3,500 and $3,520 levels. Bitcoin price is struggling to climb above the $3,500-3,520 area against the US Dollar. BTC might decline towards the $3,340 support in the short term before higher. Bitcoin Price Analysis There was a slow and steady decline in bitcoin price from the $3,638 high against the US Dollar. The BTC/USD pair was rejected near $3,640-50 zone after it recovered from the $3,253 low. Moreover, it failed near the 61.8% Fib retracement level of the last slide from the $3,851 high to $3,208 low. The price recently declined below $3,520 and $3,480 to enter a short term bearish zone. During the decline, sellers pushed the price below $3,400 and the 100 hourly simple moving average. Besides, the price broke the 61.8% Fib retracement level of the recent wave from the $3253 low to $3,638 high. However, the $3,340-50 support zone is acting as a decent support. On the upside, an initial resistance is near the $3,445 level, above which the key hurdle is near $3,520. More importantly, yesterday’s highlighted crucial bearish trend line is intact with resistance at $3,520 on the hourly chart of the BTC/USD pair. Therefore, the price is likely to struggle near the $3,500 and $3,520 resistance levels. Looking at the chart, bitcoin price may perhaps rise to test the $3,520 resistance before lower. On the downside, if the price finds a strong buying interest near $3,340, there could be a fresh upward move above $3,500-20. Looking at the technical indicators: Hourly MACD – The MACD for BTC/USD is about to move into the bullish zone. Hourly RSI (Relative Strength Index) – The RSI is currently near the 50 level. Major Support Level – $3,340 Major Resistance Level – $3,520 The post Bitcoin Price Watch: BTC Facing Uphill Task Near $3,500 appeared first on NewsBTC.

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