Top 3 Short Term Price Positions Bitcoin (BTC) Is Likely To Test As Crypto Markets Future Unfolds
It is not easy to predict where the cryptocurrency market and industry will move. One of the things that affected the market in the last days in a negative way was the news related to Goldman Sachs ditching its plans to launch a cryptocurrency trading desk.
Since the beginning of the year, virtual currencies are not able to recover. We are in a bear market that is lasting a very long period of time, something that has been very harmful for the industry.
Additionally, the second most important virtual currency in the market, Ethereum (ETH), has reached its lowest point since months after being traded under $200 dollars earlier this morning. In the last 24 hours, the famous virtual currency registered 12% losses.
One of the first things that can happen in the market is Bitcoin to reach $5,800 dollars. This number has been seen back on June 29. At the moment, it is very important for Bitcoin to stay close to $6,200 / $6,150 since it is an important support level. If that is broken, we may see a Bitcoin traded close to $5,800 dollars.
Another possibility is related to Bitcoin recovering to $6,500 dollars. During weekends, the trading volume is less than during the week. On Monday, with increased volume activity, we could see a recovery up to $6,500 dollars.
On September 30, the U.S. Securities and Exchange Commission could delay the Bitcoin ETF presented by the CBOE for the future. In the last months, several ETF proposals have been postponed by the SEC. There are two main reasons why the regulatory agency has been reluctant to accept these investment instruments. The first reason is related to a very high volatility in the crypto market. The second reason is due to the fact that the market has been manipulated by larger players and other entities.
If the ETF is rejected or postponed, Bitcoin could drop even further and reach levels close to $5,000.
At the moment, Bitcoin is operating stable close to $6,400 dollars. It will be very important to follow how the price will evolve and how the markets will behave. Positive or negative news could severely influence a bear or bull market.
The whole market capitalization is very close to $200 billion dollars. Earlier today, it was just $192 billion dollars.