Bitcoin has been making higher lows since hitting $5754 (Bitfinex USD/BTC) on June 24th and first to $5877 on August 14th (Bitfinex USD/BTC) then on September 8th at $6118 (Bitfinex USD/BTC).
Well, there's some popular belief that bitcoin will go hover above $6000 because some theory suggest that its the "reasonable" price or the average cost of mining in 2018. So in order for miners to get their incentives, price shouldn't go below $6000. We have seen the price below $6000 defended several times, so its unlikely to go down.
Its only a theory though and I'm not saying its true.
After failing to gather enough selling momentum to decisively break below $6000 it's looking like the market is in waiting mode for SEC to decide on the fate of a Bitcoin ETF.
How likely is SEC to green-light an ETF, let me know your opinions.
ETF or not, bitcoin will thrive in the market, This SEC news has made a lot of players, nervous, but whales and day trader takes advantage and going to milk this whole Bitcoin ETF approval/denial to the last drop.