The SEC’s decision to delay their ruling on a Bitcoin ETF has understandably made news headlines as cryptocurrency traders and investors alike await the verdict in anticipation.
It has been stated that this recent drop in BTC price is attributed to this decision but it is our view that it was going to happen anyway.
Back in July the $8,400 could not hold and since then, we have been in a steady decline. This is what happens in markets of all types.
As stated in my previous post, $7,129 could not hold and we are still expecting price to go lower, possibly hitting the $6,770 level, although BTC is currently flirting with $6,840 and is meeting some resistance there. It was at this price point which triggered the recent BTC bounce.