Bitcoin (BTC), Ethereum (ETH) Slide as SEC Postpones ETF Decision, US Jobs Report Now Key

[ad_1] Bitcoin (BTC), Ethereum (ETH) Prices, Charts, and Analysis: A decision on spot Bitcoin ETFs is pushed back to mid-October by the SEC. Bitcoin gives back all of this week’s bullish run-up. Bitcoin gave back nearly all of Tuesday’s rally on Thursday after the Securities and Exchange Commission (SEC) delayed making any decision on a

کد خبر : 396239
تاریخ انتشار : جمعه ۱۰ شهریور ۱۴۰۲ - ۱۱:۴۵
Bitcoin (BTC), Ethereum (ETH) Slide as SEC Postpones ETF Decision, US Jobs Report Now Key

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Bitcoin (BTC), Ethereum (ETH) Prices, Charts, and Analysis:

  • A decision on spot Bitcoin ETFs is pushed back to mid-October by the SEC.
  • Bitcoin gives back all of this week’s bullish run-up.

Bitcoin gave back nearly all of Tuesday’s rally on Thursday after the Securities and Exchange Commission (SEC) delayed making any decision on a raft of Bitcoin ETF applications. The SEC has now pushed back the latest deadline until mid-October. While this outcome was expected, a degree of hope had been building in the cryptocurrency market that a spot Bitcoin ETF would soon be announced. On Tuesday, the US Court of Appeal said that the SEC was wrong in rejecting Grayscale’s proposal to convert its Grayscale Bitcoin Trust into a spot Bitcoin ETF, fueling hope that a spot ETF would soon be granted.

A Bitcoin spot ETF gives investors direct exposure to changes in the cash market – the ETF manager holds actual Bitcoins – while futures ETFs give investors exposure to moves in the underlying futures market. Bitcoin futures ETFs are already available in the market.

Looking at the daily BTC/USD chart, all of this week’s gains have been reversed and left the pair eyeing a short-term level of support around $25.2k. The current spot price is now below all three moving averages, a negative set-up, leaving further downside the path of least resistance. Traders however should be aware that later today – 13:30 UK – the latest US Jobs Report (NFP) is released and this has the heft to move markets, and sometimes sharply. A miss of already low expectations of 170k would likely send prices higher again as expectations of higher-for-longer US interest rates are pared back further.

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Bitcoin (BTC/USD) Daily Price Chart – September 1, 2023

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Ethereum moved lower in tandem with Bitcoin but is still trying to keep a short-term series of higher lows in place. A close and open below $1,622 would break this series and leave traders eyeing the August 22nd low at $1,581 and the August 17th spike low at $1,542.5. To the upside, short-term resistance at $1,725 and $1,744.

Ethereum (ETH/USD) Daily Price Chart – September 1, 2023

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What is your view on Bitcoin and Ethereum – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.



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