At press time, the Bitcoin price against the US Dollar is trading at US$3,562.5 (Kraken data feed), thereby hovering above the crucial US$3,500-level. Disapproval or delay in Bitcoin ETFs have till now adversely affected the price movement of Bitcoin. However, withdrawal of Bitcoin ETF application by CBOE hasn’t affected the price of BTC. The price continued moving sideways.
Analysts believe the calm market response to the bearish news signals the exhaustion of sellers, especially when the basic trend of the crypto market is bearish in nature. Technical analysts went on to say that the cryptocurrency market may soon witness a bullish breakout after a 14-day-long BTC price consolidation.
Experts, who are keeping a keen watch on the ETFs, say that the repeated delays in approving the CBOE’s Bitcoin ETF has also brought down the general traders’ expectation on the issue. That’s why the Bitcoin price against the US Dollar hardly moved down after the withdrawal of BTC ETF.
Bitcoin Price: Technical Analysis and Price Movement Prediction
BTC/USD’s daily chart shows the formation of a descending triangle. It consists of a horizontal line that connects a strong level of support (US$3,470) as well as a falling trend-line, which represents lower highs.
The triangle’s upper edge is currently located at US$3,630. If BTC/USD successfully closes above this level, a near term bullish rally towards the US$4,000 level can be witnessed.
Certain important signals indicate that there could be a bullish breakout soon. While gold has started to experience a downward pull (Bitcoin price is inversely related to the gold price movement), the news of CBOE’s Bitcoin ETF application withdrawal has failed to kick start a bullish price movement.
In case, the BTC price fails to gain upward momentum and closes below the support level of the triangle (at US$3,470), it could lead to a fall in BTC price that is closer to the US$3,122 level.
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