Bitcoin Today: correction to bearish trend?
Price
Yesterday went in an expected manner, fluctuating between 6250 and 6600. For now, BTCUSD is holding above 6250 which is important for an upward overview. Nonetheless, until the price reaches 7000 – 8000 zone this upward movements could be considered as a correction of the bearish trend. As the negative news background, has changed to neutral we expect a continuation of lateral movement for today, maybe with testing of 6600 during the US trading session. Boundaries: 6000 – 6250 zone as a support and 6600 – 6800 as a resistance.
Today forecast
Trading in the 6000 – 6800 zone.
Latest news
Yesterday went in an expected manner, fluctuating between 6250 and 6600. For now, BTCUSD is holding above 6250 which is important for an upward overview. Nonetheless, until the price reaches 7000 – 8000 zone this upward movements could be considered as a correction of the bearish trend. As the negative news background, has changed to neutral we expect a continuation of lateral movement for today, maybe with testing of 6600 during the US trading session. Boundaries: 6000 – 6250 zone as a support and 6600 – 6800 as a resistance.
Today forecast
Trading in the 6000 – 6800 zone.
Latest news
- Chris Concannon, CBOE president and CEO optimistic about ETF approval
The moment when the Securities and Exchange Commission (SEC) will improve their attitude regarding bitcoin-ETF is not far off. This view was expressed by the president of the Chicago Option Exchange (CBOE), Chris Concannon.
CBOE president also said that the launch of bitcoin futures, which took place at the CBOE in December, indicates the maturity of cryptomarkets. Concerning ETF on the basis of futures, Concannon noted that since no one has yet tested this product, one important task is to determine the correct level of liquidity.
SEC also concerned about volume issue. The trading volume of bitcoin futures is relatively low in comparison with contracts for such commodities as oil or gold. ETF is designed to solve this problem. However, the SEC is unlikely to approve crypto-currency ETF-products without sufficient liquidity of bitcoin futures themselves.
As Concannon noted, in the crypto industry, ETF can offer huge dividends to pioneers.
Recall, on August 7, the SEC extended the term of consideration of the joint application for the creation of bitcoin-ETF from the companies VanEck and SolidX. Nevertheless, representatives of CBOE and the above-mentioned firms are still convinced of the positive outcome of the case.
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