Bitcoin technical analysis: BTC/USD not bothered by BTC ETF's rejection, all eyes on $9,000
- The Securities and Exchange Commission (SEC) finally rejects Bitwise Bitcoin exchange-traded fund (ETF) after numerous delays.
- The SEC cited the Exchange Act and the inability of Bitwise to demonstrate the capacity to deal with fraud and market manipulation practices.
- Bitcoin price retreated towards $8,500 but recovery on the news but recovery is underway.
Spot rate: $8,578
Trend: Short-term bearish
Support: $8,400 and $8,200
Resistance: $8,600 and $8,800
Volatility: Low
BTC/USD daily chart
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The Moving Average Convergence Divergence breaks out towards the positive region. The divergence suggests the bulls have control over the price.
The support between $7,700 and $8,000 has been instrumental to the ongoing recovery targeting $9,000.
BTC/USD 240’ chart
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Bitcoin breaks above the short-term trendline resistance as buyers push the throttle towards $9,000.
BTC/USD consolidating within a flap pattern while gathering the strength to thrust towards $9,00.
The MACD enters the positive region and the positive divergence shows that the upward action is far from over.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
