Bitcoin has remained at the $26,000 price level after it dropped from $27,000 on September 20. Its price today at 4:38 am EST is $26,223, with a 3.3% decline in the last seven days.
Several factors, such as the delay of the approval of spot Bitcoin ETF, could be contributing to its decline. Furthermore, the Fear and Greed Index displays fear with a value of 44, confirming that investors are cautious.
However, Bitcoin might rally in the coming months if investors’ sentiments shift to positive.
SEC Delays Decision on ARK 21Shares Spot Bitcoin ETF Filing, Leading to BTC Price Decline
On September 26, the U.S. Security and Exchange Commission (SEC) released a statement announcing the delay of Bitcoin ETFs. According to Yahoo! Finance, the SEC, for the third time, has extended the decision on Bitcoin ETFs till January 10, 2024.
— James Seyffart (@JSeyff) September 26, 2023
This extension comes earlier than expected, as the SEC had up till November 11 to make a decision. According to Bloomberg’s ETF analyst, James Seyffart, this delay will likely dissuade any hope of an ETF approval in 2023.
Additionally, he believes that the SEC’s delay will have a ripple effect and similar outcomes for other ETF cases. Also, Seyffart referred to a letter from some members of the U.S. Congress to SEC Chairman Gary Gensler on September 26.
In this letter, the Congressmen stated that delaying the decision on ETFs would be discriminatory and unlawful. They argued that a regulated ETF would increase investor protection, making Bitcoin safer.
Consequently, the SEC’s delays and volatility are taking their toll on BTC’s price and the general crypto market.
Bitcoin Struggles At $26,000 As Interest Rate Spikes What Lies Ahead?
Bitcoin now struggles at $26,000 as higher interest rates persist in the financial markets. According to reports, the “U.S. 10-year Treasury yield increased to 4.55%, marking its highest level in nearly 16 years.”
The sharp increase in interest rates is affecting the equity markets, tanking the Nasdaq and the S&P 500 on September 26. Notably, JP Morgan Chase’s CEO, Jamie Dimon, had warned that raising interest rates to reduce inflation would hurt the market.
Dimon speculated that the market is not ready for a 7% interest rate hike, which could have a catastrophic effect. However, the Federal Reserve has not announced plans to push the rates that far.
Nevertheless, the players in the financial markets are stressed, as reflected in the price of BTC and other digital assets. A close look at the Bitcoin price trend on the daily chart could provide more insights.
Bitcoin Attempts Recovery After Death Cross, What’s the Next Price Target?
BTC is attempting to rally after the Death Cross formation on September 11. Between September 12-19, the buyers dominated the market before a downtrend started from September 20-26.
Although BTC is still below its 50-day and 200-day Simple Moving Averages (SMA), it has formed a green candle today. A short-term rally will likely begin if the green candle crosses the 50-day SMA. Also, the Relative Strength Index displays a value of 49.1, rising from the neutral zone approaching the overbought region of 70.
Furthermore, the Moving Average Convergence/Divergence (MACD) is above its signal line, confirming pressure from the buyers. Also, the green Histogram bars confirm that BTC is attempting a recovery. However, its ability to rally above its nearest resistance level will determine how far the rally will go.
$26,582 Resistance Critical to BTC’s Price, What’s Next?
BTC has found support at $26,192, preventing a price decline from September 25-27. Today, buyers are dominant, driving BTC to break above the $26,582 resistance level.
Based on historical data, whenever BTC breaks above $26,582, it rallies to at least $27,000. Nevertheless, traders must closely monitor the closing price of today’s candle for confirmation.
If BTC closes above $26,582, expect a rally to the overbought zone, likely in the coming days. While Bitcoin shows signs of recovery, investors can shift their focus to an eco-friendly option – Bitcoin BSC.
Bitcoin BSC, The Secure Ecosystem for Staking Rewards
Bitcoin BSC is a green crypto project operating on the BNB Smart Chain, rewarding users with staking gains. Its utility token, BTCBSC, is on presale and fast approaching its target. Investors have committed over $5.83 million out of the project’s presale target of $6.063 million.
BTCBSC supports a buy and stake feature where users earn a share of 69% of the total supply committed to rewards. Its staking rewards are distributed every ten minutes as the standard block time. According to the developers, the goal is to reward investors who missed out on early rallies and need access to mining.
The over 2.5 million tokens staked today, September 27, show commitment to long-term growth by investors. Users can purchase these tokens easily with BNB, ETH, or USDT when they connect their crypto wallet to the website. BTCBSC will likely reward investors once it is listed on exchanges.
Bitcoin BSC Has Recovered from Downtime
Bitcoin BSC suffered downtime today due to hosting issues as investors entered an accumulation frenzy.
📢 Important Announcement:🛠️
We want to inform you that our website is currently experiencing a hosting issue. Our technical team is hard at work to resolve this matter swiftly.
We appreciate your patience during this time.
Stay tuned for updates. 🔧
— Bitcoinbsc (@Bitcoinbsctoken) September 27, 2023
However, the official site is back up and functional, calming fears among investors. Additionally, a disclaimer was sent out on Twitter urging investors to beware of scammers impersonating the project.