- The delay in the SEC decision-making process led to a decline in weighted BTC sentiment.
- Most BTC market metrics and indicators suggest the possibility of a price correction.
Bitcoin (BTC) ETFs have been a topic of discussion for some time now. It has now been revealed that BTC ETFs could be further delayed.
Read Bitcoin (BTC) Price Prediction 2023-24
This news put a damper on BTC, which failed to cross the $27,000 mark. Notably, the royal coin has hovered between $26,500 and $27,000 over the past week.
A look at the Bitcoin and SEC episode
As reported Earlier, the United States Securities and Exchange Commission (SEC) once again decided to delay its decision on spot Bitcoin ETFs. The latest move came a day after SEC Chairman Gary Gensler was questioned during a US Congressional hearing.
On September 29, Mags, a popular cryptocurrency trader and analyst, recently posted a tweet and noted:
“The SEC is trying to show that it is not interested and is trying to push the dates back to the final deadline, even though the SEC and BlackRock know the inevitable outcome.”
#Bitcoin ETFs will be delayed until the final deadline
The SEC is trying to show that it is not interested and is trying to push the dates back to the final deadline, even though the SEC and BlackRock know the inevitable outcome.
BlackRock’s ETF should be the first… pic.twitter.com/6ZkfUf9WPR
– Mags (@thescalpingpro) September 29, 2023
This episode certainly had a negative impact on BTC‘s performance, which is evident from the slight decline in its weighted sentiment over the past few days.
However, Bitcoin’s social volume has remained relatively high, reflecting its popularity in the crypto market.
Source: Santiment
Not only on a social level, but the episode also affected buying sentiment, as shown by CryptoQuant. data revealed that BTC’s aSORP was in the red at press time.
That meant more investors were selling their holdings, which could indicate a market top. Its buy/sell taker ratio was also in the red, meaning selling sentiment was dominant in the market.
However, the foreign exchange reserve looked optimistic as the indicator recorded a decline.
Source: CryptoQuant
Is the BTC price about to drop?
The selling pressure seemed to have increased at a time when Bitcoin failed to break the $27,000 mark. According to CoinMarketCap, BTC is up more than 1.5% over the past seven days.
At the time of writing, it is trading at $26,952.5 with a market cap of over $525 billion.
Is your wallet green? Check BTC Profit Calculator
A glance BTCThe daily chart of provided a better understanding of what to expect from crypto in the coming days. For example, the MACD showed that bulls and bears were trying to gain advantage over each other.
Additionally, Bitcoin’s Relative Strength Index (RSI) and Money Flow Index (MFI) have both moved sideways, suggesting that investors could see a few more days of slowdown in the coming weeks .
Source: TradingView
