- Bitcoin (BTC) underwent substantial price swings, declining from $27,500 to $26,557.
- The SEC must decide on the Grayscale case, Bitwise Bitcoin ETP Trust, and Nasdaq’s iShares Bitcoin Fund listing in October.
In a rollercoaster ride for cryptocurrency enthusiasts, Bitcoin (BTC) has experienced recent price fluctuations, trading between $27,000 and $27,500 over the past five days, only to drop back to $26,557, marking a 2.41% decrease within the last 48 hours. This downturn followed a rejection at the 20-day Exponential Moving Average (EMA) of $27,212 on September 21, sparking concerns among traders.
If Bitcoin revisits the $25,000 range, it may lead to a significant sweep of the $27,500 support level and the buy-side liquidity resting just above it. However, all hope is not lost for the crypto community, as there’s potential for a bullish reversal.
To invalidate this short-term bearish trend, Bitcoin must flip the $27,600 resistance level. If this happens, the leading cryptocurrency could make strides towards revisiting the $29,000 and even further $31,643 resistance levels.
Will Bitcoin (BTC) Enter the Bull Market Again?
Looking beyond the recent market turbulence, Bitcoin’s historical performance offers a ray of optimism. The final quarter of the past nine years is traditionally Bitcoin’s strongest period in terms of performance, potentially hinting at significant gains for the cryptocurrency.
Further adding to the excitement, October is poised to be a pivotal month for Bitcoin and the broader crypto industry. The U.S. Securities and Exchange Commission (SEC) faces several critical decisions regarding crypto-related cases.
On October 13, the SEC must decide whether to appeal the Grayscale case. Additionally, by October 16, the SEC must respond to the Bitwise Bitcoin ETP Trust, and by October 17, the agency will make a determination regarding Nasdaq’s request to list the iShares Bitcoin Fund.
These looming deadlines place the SEC in a time-sensitive position. With its rulings expected to have a profound impact on the cryptocurrency landscape.
