Bitcoin (BTC) Price Left Hanging After ETF Application Pulled
Bitcoin News, Price, Chart and Analysis
- Bitcoin price vulnerable after ETF application pulled.
- CBOE blames US Government shutdown for withdrawal.
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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 continues to trade either side of $3,600 and the chart set-up is starting 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)
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--- Written by Nick Cawley, Analyst.