This comes after the SEC decided to postpone the listing decision of an ETF backed by Bitcoin itself
Price moves back to a test of the $6,500 level where support is found currently. The SEC announced that it would postpone the initial deadline next week on whether to allow the listing of a fund from VanEck Associates and Solid Partners. More specifically this involves the CBOE as the decision involves a proposed rule change to allow for said listing.
The deadline has now been pushed to 30 September instead.
Optimism for ETFs have been gathering steam and has helped to fuel a bit of a recovery in Bitcoin over the past month so any sort of delays or stumbling blocks will have some form of negative impact on prices.
Looking more at the charts, price attempted to break back above the 100-hour MA (red line) yesterday but failure to do so and the SEC news has resulted in Bitcoin moving lower into support at $6,500.
And so far, price is stabilising around the $6,500 levels in the last few hours. But then again, it could very well be setting up for yet another pump and dump.
