Bitcoin continued its side trading between levels of $ 26K and $ 27K. Regardless of developments in the macro environment, current BTC sensitivity is mostly related to news regarding potential approval of the first BTC ETF. During the previous week a news that SEC will not appeal to the court decision of a reversal of SEC`s decision not to approve Grayscale`s filing for conversion of its trust funds in crypto currencies into an exchange traded fund, supported the price of BTC to move to the levels above $ 27K. However, soon the market exhausted this move and BTC is finishing another week above $26K.
BTC`s price range during the previous week was between $ 27.9K down to $ 26.6K. RSI is still unable to break the 50 line, and continues to move around the level of 45. It seems that the market is still more oriented toward the oversold side. Moving averages of 50 and 200 days continue to move as two parallel lines, with significant distance between them, not indicating that potential cross might come anytime soon.
Side trading is evident for BTC. The market is waiting for some significant fundamental news in order to decide on a trading side. News regarding potential approval of first spot BTC ETF is still pending, but might be the one that will move the price of BTC on the up or downside, depending on a final decision. In this sense, BTC might continue to be traded between $ 26K and $ 27K for another week, with some potential that the price might shortly test the $ 28K resistance line for one more time.
BTC`s price range during the previous week was between $ 27.9K down to $ 26.6K. RSI is still unable to break the 50 line, and continues to move around the level of 45. It seems that the market is still more oriented toward the oversold side. Moving averages of 50 and 200 days continue to move as two parallel lines, with significant distance between them, not indicating that potential cross might come anytime soon.
Side trading is evident for BTC. The market is waiting for some significant fundamental news in order to decide on a trading side. News regarding potential approval of first spot BTC ETF is still pending, but might be the one that will move the price of BTC on the up or downside, depending on a final decision. In this sense, BTC might continue to be traded between $ 26K and $ 27K for another week, with some potential that the price might shortly test the $ 28K resistance line for one more time.
