In the latest Bitcoin news, we can safely say that the cryptocurrency has stabilized over the past couple of days and is now trading in the $6,200 to $6,400 margin. Today, Bitcoin started the day trading around $6,300 but also attempted a moderate upside rebound towards the $6,400 margin.
While some say that the BTC/USD price is stuck because of the September 30th’s ETF announcement by the US Securities and Exchange Commission (SEC), the probability of SEC to accept an ETF proposal stands low.
According to our cryptocurrency expert analysis, Bitcoin’s stability is due to the low market volatility and the relatively low amount of USD traded on the BTC/USD pair. If, however, the SEC denies the ETF proposal, the Bitcoin price will again react and probably go near the $6,000 margin or slip a bit below it. If the ETF gets accepted, we could see Bitcoin testing the $7,000 margin really fast.
At the moment, we are keeping our eyes open for a breakout or a breakdown scenario. Right now, a long position towards $6,400 is expected from the leader in terms of market cap – and probably one of the more realistic scenarios. A breakdown strategy, on the other hand, would push the Bitcoin price below the $6,200 margin while keeping a stop loss that is three pips above the entry point.
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