Decisions by the U.S. Securities and Exchange Commission (SEC) appear to have put a temporary damper on the current Bitcoin rally. Does the quick recovery to $8,250 mean the bull reversal is still intact?
Market Overview
BTC 00 dipped to $7,900 on the recent denial of the Winklevoss brothers Bitcoin ETF application, and the postponement of Direxion BTC ETF decision by the SEC, but it’s clear that current events were not the sole factor for this mild pullback. As Bitcoin rallied to new monthly highs it also became oversold but the king of cryptocurrencies recovered quicker than expected and now appears to be gearing up to retest the 200-day MA at $8,476.
