Bitcoin failed to maintain a support level of $ 6,300
Cryptocurrency prices fell on Tuesday, with Bithcoin down more than 3%. However, the sell-off pressure has narrowed slightly above $ 6,600. The price continues to lose momentum at this level. The $ 6,500 pivotal call took hold of selling pressure at the opening of the trading session the day before. Bitcoin is likely to continue to correct it in the near term.
Similarly, technical indicators continue to send negative signals. The RSI is still down to show that bearish momentum exists and can be strong enough to take it to the next support level. Stochastic is also pointing down and therefore can follow the Pitcuen. Once both oscillators have hit overbought levels and returned to the top, buyers can retract and defend the bottom again. But buyers should struggle to push prices above $ 6300 and would prefer to find support here. This will allow them to turn the track to a resistance of $ 6,400, and ultimately $ 6,500 in the medium term.
After Friday’s high, which was only a dead cat bounce, the short term bulls anxiety will be the heaviest selling and the negative trend that started to sneak into the cryptomarket market at the beginning of each week, is likely to be a cause for investor concern of potential regulatory updates.
Following a decision by the Securities and Exchange Commission earlier in the month to defer approval of a number of ETFs of PeteCwin, a decision is to be made on the approval of ProShares 2-Bitcoin ETFs on Thursday. With the Securities and Exchange Commission’s approval of any ETFs from Bitcoin and continued cryptomarket fluctuations, Thursday’s decision will be monitored closely and will certainly have a material impact on Bitcoin and the broader market.
That approval could pave the way for a rally to $ 7,000 and beyond, and any further approval hopes that the late Bitcoin ETF decisions from earlier in the month could enjoy the same fate. Decline and Bettokine are likely to return to levels below $ 6,000, with talk of levels below $ 5,000 again.
Investors are fully aware of what is at stake from the perspective of the market reaction, which is likely to continue to drive volatility through the middle of the week.