The Saturday Summary
The BTC-Spot ETF is still a drag: On Saturday, demand for BTC and the larger crypto market did not materialise. Despite the sub-$26,000 price, dip buyers stayed away. The SEC’s decision to put off rulings on seven BTC-Spot ETFs until mid-October depressed investors. Markets predict further delays beyond October.

The SEC vs. Coinbase The SEC vs. Coinbase (COIN) dispute takes centre stage. Investors are awaiting Judge Failla’s decision on the application to dismiss. According to legal experts, if Judge Failla allows or partially grants the MTD, the SEC may be forced to settle the case against Ripple. The two SEC cases are critical for the US cryptocurrency market.

Trading derivatives exposes your cash to significant risk, and you should only trade with money you can afford to lose. Trading derivatives may not be appropriate for all investors, so please make sure you fully appreciate the risks involved and get independent advice if necessary. A Product Disclosure Statement (PDS) is available on our website or by contacting our offices and should be reviewed before entering into a transaction with us. Raw Spread accounts have spreads starting at 0.0 pips and a commission of USD $3.50 per 100,000 traded. Standard accounts have spreads starting at 1 pip and no additional commission charges. CFD index spreads begin at 0.4 points. Residents of any country or jurisdiction where such distribution or use would be against local law or regulation are not the target audience for this website.

Ethereum co-founder Vitalik Buterin Sends Maker (MKR) South: It was reported that Vitalik sold 500 MKR for ETH using CoWSwap. The sale was attributed to Vitalik’s rage over MakerDAO founder Rune Christensen’s comments about using the Solana (SOL) software for the MakerDAO network. According to DeFiLlama, MakerDAO is the second-largest rated protocol on the Ethereum blockchain. MKR was down 3.40% in the last 24 hours. SOL gained 0.11%.

Bitcoin (BTC) increased by 0.21% on Saturday. BTC concluded the day at $25,935, somewhat correcting a 0.56% loss from Friday. Investor concern over the postponement of a BTC-Spot ETF market has kept BTC below $26,000 for the second day in a row.

Ethereum (ETH) gained 0.50% on Saturday. ETH concluded the session at $1,637, somewhat correcting a 1.06% loss from Friday. Despite the uptick, ETH dropped short of $1,650 for the first time since March. As a downward trend in staking inflows reflected pessimism about SEC activity across the digital asset market, dip buyers provided support.

Sunday’s Session
After modest gains on Saturday, Sunday could be volatile. Articles about the ongoing SEC proceedings against Ripple and Coinbase (COIN) dominate the crypto newswires.

Almost certainly, the pending ruling on Coinbase’s motion to dismiss will be a focal point. If presiding Judge Failla grants the motion to dismiss, the cryptocurrency market will be favoured. The SEC may have to resolve the case against Ripple and abandon its efforts to classify all cryptocurrencies as securities, excluding Bitcoin.

Nonetheless, decisions in favour of the SEC would bolster the regulatory and enforcement assault on the US cryptocurrency market.

Bitcoin (BTC) Daily Price Action Graph
Bitcoin avoided a retesting of the trend line and the support band at $25,500. However, resistance at $26,000 prevented BTC from reaching the $26,755 resistance level. The sentiment of investors towards the SEC’s decision to delay the BTC-Spot ETF continued to deteriorate.

Bitcoin must maintain its position above the trend line in order to sustain a breach of $26,000 and target the $26,755 resistance band. Nevertheless, failure to surpass $26,000 would leave the trend line and the $25,506 support band in play. A bearish cross of the 50-day EMA through the 200-day EMA would cause Bitcoin to break below the trend line and the $25,506 support band, resulting in a price target of less than $25,000.

The 14-day RSI reading of 35.81 indicates that Bitcoin has room to decline below $25,500 before entering oversold territory.

4-Hourly Diagram
Bitcoin remains above the trend line and the support band at $25,500. However, SEC discussion and anti-cryptocurrency rhetoric would drag BTC below the trend line and support band, targeting a price below $25,000.

By avoiding the trend line, bulls would have a shot at the 50-day exponential moving average and the $26,755 resistance band. To sustain a breakout from $26,000, Bitcoin would require a bullish cryptocurrency event.

The 14-4H RSI reading of 39.29 indicates BTC has further to decline, thereby leaving the 4-Hourly Chart.
Bitcoin remains above the trend line and the support band at $25,500. However, SEC discussion and anti-cryptocurrency rhetoric would drag BTC below the trend line and support band, targeting a price below $25,000.

By avoiding the trend line, bulls would have a shot at the 50-day exponential moving average and the $26,755 resistance band. To sustain a breakout from $26,000, Bitcoin would require a bullish cryptocurrency event.

The 14-4H RSI reading of 39.29 indicates Bitcoin has further to decline, leaving the trend line and $25,500 support level in play. The trend line and the support level at $25,500 are in action.

Leave a Reply

Your email address will not be published. Required fields are marked *