Bitcoin falls below the 8k level today as SEC didn’t approve the Winklevoss Bitcoin ETF. SEC writes:
“BZX has not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate that its proposal is consistent with the requirements of the Exchange Act Section 6(b)(5), in particular the requirement that its rules be designed to prevent fraudulent and manipulative acts and practices,”
Full SEC reading here.
100 day moving average is at 7650 which is first support. Having surged 40% from recent lows, it is not overly surprising to see the crypto take a breather.
The surge from July lows has taken RSI to most overbought since December last year.
Source: charts by Bloomberg