![BTC Down 3% Amid SEC ETF Delays, US Lawmakers' Advocacy, Bitcoin Price Prediction: BTC Down 3% Amid SEC ETF Delays, US Lawmakers](https://advson.com/wp-content/uploads/2023/09/BTC-Down-3-Amid-SEC-ETF-Delays-US-Lawmakers-Advocacy-678x381.jpg)
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Bitcoin, the world’s most valuable cryptocurrency, was trading below $27,000 early on Wednesday, showing a nearly 0.50% decrease in price to $26,220.
The overall crypto market cap was at $1.05 trillion, indicating a 0.46% decrease over the past 24 hours. The poor performance of Bitcoin and Ethereum contributed to losses across the entire market.
Bitcoin’s recent losses are due to the SEC’s delay in deciding on the Ark 21Shares Spot Bitcoin ETF, which could negatively impact investor confidence and lead to short-term price fluctuations.
Bitcoin’s low volatility has reduced trading activity and trader enthusiasm, due to a lack of significant profit opportunities and no clear timeline for ETF approval.
However, Bitcoin’s blockchain recently surpassed 900 million total transactions and Microstrategy’s purchase has injected optimism into the market, pushing Bitcoin above $26,000.
The Fed’s possible interest rate increase to combat inflation and other recent developments offer hope for Bitcoin’s performance.
SEC’s Delay in Bitcoin ETF Decision Sparks Uncertainty and its Impact on BTC Price
The SEC has extended the decision deadline for the ARK 21Shares Bitcoin ETF to January 10, 2024, and for the Global X Bitcoin Trust to November 21, 2023, giving them more time to review these proposed ETFs.
The SEC is also evaluating spot Bitcoin ETF applications from several companies including BlackRock, Fidelity, VanEck, and Invesco.
Regulators have pushed the decision deadlines on several Bitcoin ETFs to October 16-19.
The delays may cause short-term uncertainty in the cryptocurrency market, leading to fluctuations in Bitcoin’s price, and can influence investor sentiment and slow down mainstream adoption.
US Lawmakers Push for Bitcoin ETF Approval, Potential Impact on BTC Price
Several US lawmakers, namely Representatives Mike Flood, Tom Emmer, Ritchie Torres, and Wiley Nickel, have joined forces to write a letter to SEC Chair Gary Gensler, requesting swift approval of a Bitcoin ETF.
They mentioned a recent court ruling that determined Grayscale’s proposed Bitcoin ETP to be comparable to approved Bitcoin futures ETPs.
Lawmakers are advocating for a regulated spot Bitcoin ETF that would improve investor protection and make Bitcoin more accessible.
They are also worried about the SEC’s delays, especially since major firms like BlackRock and Fidelity have expressed interest. The House Financial Services Committee hearing this week is a chance to address these concerns directly with Gensler.
As a result, the recent news of lawmakers urging the SEC to speed up Bitcoin ETF approval could have a positive impact on BTC.
This move could increase investor confidence and drive up the price of Bitcoin, especially given the growing institutional interest.
Bitcoin Price and Interest Rates
Bitcoin’s price could be influenced by multiple factors, including the possibility of interest rate hikes.
As traders await the Fed chief’s speech on Thursday, which is expected to provide insight into future rate hikes, they are in a state of uncertainty.
If interest rates increase, borrowing costs could become more expensive, impacting different sectors of the economy.
This anticipation is making investors cautious and they might turn to Bitcoin as a hedge against potential economic turbulence.
Bitcoin Price Prediction
Taking a look at the BTC/USD pair’s technical landscape reveals that there hasn’t been significant movement; the technical framework largely aligns with our prior analysis.
On the four-hour chart, Bitcoin finds immediate support around the $26,000 mark—a psychological support threshold. Meanwhile, resistance persists near the $26,400 level.
A glance at the accompanying chart illustrates an upper trend line, connected from September 11th and 25th, that was recently reaffirmed on September 26th.
This trend line currently serves as a support, particularly around the $26,150 mark. The 50-day Exponential Moving Average (EMA) delineates resistance near the $26,400 mark.
![](https://cimg.co/news/125652/331758/btc.jpg)
A bullish breach above this could pave the way for Bitcoin to approach the $26,700 target. Should Bitcoin decisively surpass the $26,700 mark, the subsequent resistance levels to watch are $27,200, followed by $27,500.
Conversely, on the downside, a bearish downturn below $26,000 could push Bitcoin’s valuation towards the $25,380 threshold.
Any further decline would spotlight $24,900 as a significant support zone. Today’s trading strategy hinges on monitoring the $26,000 mark.
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Find The Best Price to Buy/Sell Cryptocurrency
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Disclaimer: Cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication – cryptocurrencies are highly volatile investments with considerable risk, always do your own research.
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