#Write2earn #Bitcoin Market Analysis : Bearish Trend Although Ethereum ETF Approval
#ETF #BTC #MarketAnalysis $BTC
The Securities and Exchange Commission (SEC) greenlit all Spot Ethereum ETFs on Thursday, but the aftermath saw Bitcoin and the overall crypto market facing another downturn. Bitcoin is currently down nearly 2% on Friday.
Ethereum ETF Approval Fails to Ignite BTC Price
Despite the significant milestone of SEC's unexpected approval of Spot Ethereum ETFs, it failed to spark the anticipated surge in the crypto market. Instead, the following day witnessed Bitcoin struggling to maintain its position above $67,000, with Ethereum experiencing over a 3% decline, and several altcoins faring even worse.
A 'Sell The News' Scenario
The Ethereum community had likely anticipated a 'sell the news' scenario, considering Ethereum had already surged by over 28% in the last four days.
BTC Breaks Out of Mini Bull Flag
On the short-term hourly chart, Bitcoin has broken downwards out of a small bull flag, signaling a bearish trend. While there is support below, the price needs to hold steady to avoid dropping to the next support level at $64,000.
False Breakout on Large BTC Bull Flag
On the higher daily timeframe, a larger bull flag is evident. However, the price has reentered the flag, indicating a false breakout. Nonetheless, there is solid support at this level. If the price continues to decline, it could potentially fall back to $55,000.
BTC Shows Positive Signs for the Future
Despite these fluctuations, the 4-hour, 8-hour, and 12-hour stochastic RSIs are bottoming out, suggesting that upward momentum may soon resume for Bitcoin.
In summary, the bull flag remains relevant, with substantial support levels beneath the current price, including highs from the previous 2021 bull market. Additionally, the weekly stochastic RSI indicates a cross up from the bottom, indicating a potential return of momentum.
A shift is underway in the US political landscape concerning crypto, and with elections scheduled for November.
