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Bitcoin Slumps After SEC Reject Winklevoss ETF Proposal Again

Bitcoin Slumps After SEC Reject Winklevoss ETF Proposal Again

Nick Cawley, Strategist

Bitcoin (BTC): Prices, Charts and Analysis

  • Bitcoin off $600 from recent high after SEC announcement.
  • Rumor driven rally likely to unwind further.

IG Client Sentiment Reportshows that retail remain heavily long BTC by a ratio of 3.8 to 1.

Bitcoin (BTC) Rally Shackled by Negative SEC Ruling

The US Securities and Exchange Commission (SEC) sent BTC back below $8,000 Friday after it rejected a proposal by the Winklevoss brothers for a BTC ETF for the second time. The SEC said that the ruling was not based on the bitcoin/blockchain technology but on whether the markets are ‘resistant to manipulation’ and acts of fraud. The SEC is still considering the status of a variety of cryptocurrencies and their rulings will continue to move the marketplace in the future.

The recent rumor-driven rally pushed Bitcoin back to a multi-week high just under $8,500, a near 40% rise in a month. We warned on Wednesday of the Buy the Rumor – Sell the Fact nature of the market while the RSI indicator was trading in heavily-overbought territory.

Support likely around $7,700 before $7,000 comes into play – late May swing low and 20- and 50-day moving averages – while this week’s high print at $8,481 may be difficult to break in the short-term.

Bitcoin (BTC) Daily Price Chart (December 2017 – July 27, 2018)

Bitcoin Slumps After SEC Reject Winklevoss ETF Proposal Again

We covered Bitcoin, Bitcoin Cash, Ripple, Ether and Litecoin at this week’s Weekly Cryptocurrency Webinar on Wednesday and highlighted support and resistance levels for the five cryptocurrencies – you can access a copy of the webinar here

You can contact me on Twitter @nickcawley1 or via email at nicholas.cawley@ig.com.

--- Written by Nick Cawley, Analyst.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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