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Bitcoin (BTC) Price Left Hanging After ETF Application Pulled

Bitcoin (BTC) Price Left Hanging After ETF Application Pulled

2019-01-24 10:45:00
Nick Cawley, Strategist
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Bitcoin News, Price, Chart and Analysis

  • Bitcoin price vulnerable after ETF application pulled.
  • CBOE blames US Government shutdown for withdrawal.

If you are interested in trading the cryptocurrency market, we have produced a Day Trading Guide to Bitcoin and Other Cryptocurrenciesto help you better understand this highly volatile asset class.

Bitcoin (BTC) Trades Heavy and May Move Lower After ETF Withdrawal

The Securities and Exchange Commission (SEC) yesterday revealed that an application from the Chicago Board Options Exchange (CBOE) for a Bitcoin ETF had been pulled. The action was seen due to the ongoing US government shutdown which may have issued an automatic denial of the application, along with fears that the SEC may still not be comfortable with the idea of a cryptocurrency-based ETF. It now seems highly unlikely that there will be a Bitcoin ETF granted in Q1 2019 at the very earliest, if at all.

Cryptocurrency Market Stagnant at Lower Levels – Bitcoin Dominance at 52.4%

Bitcoin (BTC) Price Left Hanging After ETF Application Pulled

Bitcoin continues to trade either side of $3,600 and the chart set-up is starrting to look negative again. BTC now trades back below all three moving averages, leaving the two-month low at $3,420 vulnerable, while lower highs continue to dominate the market. A close below here opens the way back to the December, multi-month, low around $3,127, closely followed by the September 2017 swing-low at $2,970. Below here there is little technical support before $1,780 comes into play.

Bitcoin (BTC) Daily Price Chart (June 2018 – January 24, 2019)

Bitcoin (BTC) Price Left Hanging After ETF Application Pulled

If you are interested in learning more about technical analysis and how to construct a trading plan, visit the DailyFX University where our experts will help you build your trading skills.

Sign up to the IG Client Sentiment Indicator for free data on retail trader crypto-currency positioning.

What’s your opinion on Bitcoin? Share your thoughts and ideas with us using the comments section at the end of the article or 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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