Bitcoin ETFs may face further delays, causing a drop in BTC’s weighted sentiment. Despite various metrics and market indicators suggesting a potential price correction, Bitcoin’s performance failed to breach the $27,000 mark. The United States Securities and Exchange Commission (SEC) decided to postpone its decision on spot Bitcoin ETFs following a congressional hearing that involved SEC Chairman Gary Gensler. This delay negatively impacted BTC’s performance, leading to a decrease in its weighted sentiment and a rise in selling pressure. However, Bitcoin’s social volume remained high, indicating its ongoing popularity in the crypto market.
The delay in the SEC’s decision-making process regarding Bitcoin ETFs had a dampening effect on BTC’s price. Despite hovering around the $26,500 – $27,000 range in the past week, BTC’s performance was hindered by the uncertainty surrounding ETFs. This delay in the SEC’s decision-making process suggests that they are pushing the dates until the final deadline, which has further affected BTC’s sentiment and market indicators. While Bitcoin’s social volume remained high, indicating continued interest, selling pressure increased as investors sold their holdings, potentially signaling a market top.
Given the delay in ETF decision-making, Bitcoin’s price may experience a downward trend as selling pressure rises. BTC’s failure to cross the $27,000 mark, coupled with increasing selling pressure, suggests that investors may face a few more slow-moving days ahead. The MACD indicator shows a battle between bulls and bears, while the RSI and MFI indicate a sideways movement in the coming weeks. Despite these factors, Bitcoin’s popularity and high social volume continue to indicate its strong presence in the crypto market.
