Investors who were looking for a fresh opportunity to attack bitcoin were given the thumbs up after the U.S. Security and Exchange Commission (SEC) postponed its decision on approving the first ever bitcoin exchange-traded fund (ETF).
The sell-off witnessed on bitcoin continues to highlight how extremely sensitive the cryptocurrency remains to the ETF developments. Cryptocurrencies could receive a solid boost and end up becoming the main talking point across financial markets if the SEC approves a bitcoin ETF in September.
Taking a look at the technical picture, bitcoin is under pressure on the daily charts with prices trading marginally below $6500 as of writing.
Sustained weakness below $6500 could encourage bears to drag prices towards $6250.
Although the current trajectory for bitcoin is tilted to the downside, the outlook could change if a bitcoin ETF becomes reality.
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