The Bitcoin price has faced one of its most challenging weeks in months as it dropped as low as $40,000 this week on news of what many experts tag a on the potential rejection of spot Bitcoin exchange traded fund (ETF) applications by the United States Securities and Exchange Commission (SEC).
Bitcoin bears took advantage of the news to force a major sell-off, bringing the total liquidations in the market at the time to more than $650 million. The Bitcoin plunge also dragged altcoins, and many are generally yet to recover.
The Bollinger forecast is coming at a time when Bitcoin’s price is up by 1.60% in the past 24 hours to $43,827.07. In the course of its recovery overnight, BTC has broken the psychologically important resistance level at $43,000. Should Bollinger’s forecast come to pass, the coin might turn this level into its support.
Industry experts are still optimistic on the prospects of securing an approval, with Bloomberg’s ETF analysts Eric Balchunas and James Seyffart issuing a 90% approval odds projection last year. Each of the applicants for the spot Bitcoin ETF has also checked the right boxes as it concerns the SEC’s expectations for their respective applications.
With the due diligence done by the applicants, that might eventually determine its fate moving forward.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
