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- Bitcoin’s trading volume has decreased notably by 31.10% over the last 24 hours.
- U.S. Representatives have criticized the SEC’s delay in Bitcoin ETF approval for inconsistency.
Bitcoin, the cryptocurrency with the highest market capitalization, has been under persistent bearish pressure since the second quarter of this year. BTC has maintained its downward trajectory, hitting a three-month low of $24,930 on September 11. Although it saw a brief recovery to $27,488 on September 18, the past week has been marked by significant volatility, resulting in BTC currently trading within the range of $26,090 to $26,331.
The mood among investors and traders is bleak, primarily due to the delays regarding the eagerly awaited approval of the ARK Spot Bitcoin ETF. The SEC’s prior delay, announced on August 11, pushed the decision deadline to November 11. Recently, the SEC has indicated extended review periods for Bitcoin ETF applications from ARK 21 Shares and fund manager GlobalX, despite their initial deadlines being set for October and November.
In light of these delays, a group of four U.S. Representatives sent a letter on September 26, urging SEC Chair Gary Gensler to expedite the review process for the spot Bitcoin ETF. They criticized the SEC for what they viewed as inconsistent and discriminatory standards, pointing out that the commission had approved ETFs related to crypto futures while not approving spot investment vehicles.
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Currently, the SEC has not authorized any spot Bitcoin ETF to be listed on a U.S.-based exchange. Some analysts had speculated that the SEC might reassess pending ETF applications following its legal defeat against Grayscale in August.
In the meantime, Bitcoin’s trading volume has experienced a significant drop of 31.10% in the last 24 hours.
Where is Bitcoin Headed?
Examining Bitcoin’s recent price trends, it is clear that a bearish trend prevails on the daily chart. The 9-day exponential moving average (EMA) is presently positioned above the trading price at $26,406. The daily relative strength index (RSI) stands at 45, indicating an almost oversold condition.
Bitcoin (BTC) Daily Price Chart (Source: TradingView)
If Bitcoin’s price falls below the $26,000 support level, it may drop to $25,450. Additional declines could lead to a test of the $25,000 level, establishing a new short-term low.
