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).
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.
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.
I wouldn't say that bitcoin has been "quietly bullish".
Markets are still overall pretty bearish with the dominant sentiment being exactly that. Bullish prospects including the prospect of a trend reversal at the moment is still extremely unlikely.
I believe prices are either going to stabilize at this level for a few more months, or more likely, have a dip down to the $5k zone as it finally bottoms before the recovery comes. ETF isn't likely to get approved at all, and even if it does, it would only provide a short term rally to the market in my opinion.