Bitcoin (BTC) Prices, Charts, and Analysis:
- Bitcoin slumps as report suggests SEC will reject all ETF proposals in January.
- Leveraged long positions wiped out.
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A bearish report by crypto financial services company Martixport is said to be behind the sharp sell-off in Bitcoin. The report suggested that despite all the recent meetings between ETF applicants and SEC staff, and subsequent amendments, all applications will fall short of SEC requirements and will be denied in January. The report added that these requirements may be fulfilled by Q2 2024.
Bitcoin (BTC/USD) 15 Minute Price Chart
Bitcoin has been pushing higher over the past months on spot ETF fever with BTC/USD rallying from around $25k in mid-September. Volume and leverage have also been picking up recently and the speed of today’s sell-off suggests that leveraged long positions are being flushed out of the market. It is worth noting that today’s current quote ($42.4k) is back at levels last seen two days ago.
If this market rumor is confirmed by the SEC, Bitcoin may well fall further with $38k as the next stopping point. If unconfirmed BTC will likely press back towards the $44k area and wait for further announcements.
Bitcoin Daily Price
Charts via TradingView
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