After regaining this support from bears, Bitcoin remained above $31000 for most of Friday. However, this situation did not last long, as digital assets experienced a flash crash, causing their prices to soar to the level of $29000
After regaining this support from bears, Bitcoin remained above $31000 for most of Friday. However, this situation did not last long, as digital assets experienced a flash crash, causing their prices to soar to the level of $29000.
The U.S. Securities and Exchange Commission (SEC) said that the ETF filing was insufficient
On Friday, the Wall Street Journal released a report that had a negative impact on the market. The report shows that the U.S. Securities and Exchange Commission believes that a large number of Bitcoin ETH filing documents it has recently received are insufficient.
After BlackRock, WisdomTree, Fidelity and other heavyweight enterprises submitted Bitcoin spot ETF requests to the SEC, the market performance continued to be positive for two weeks. After the announcement of the document, the price of Bitcoin significantly increased, surpassing $31000 for the first time in more than a month.
However, with the news that the SEC claimed the filing documents were insufficient, it quickly eroded investor sentiment. On Friday afternoon, BTC prices dropped to $29200 and quickly rebounded. Despite the damage already caused, BTC bulls are currently striving to maintain a support level of $30000.
Bitcoin Free fall
In the past few weeks, Bitcoin has established a reasonable bullish trend. But this did not last long, and the U.S. Securities and Exchange Commission began to burst the foam for investors. As a result, Bitcoin seems to be in a state of Free fall, with no reasonable support to prevent the price from falling.
In just a few hours, the value of the digital asset lost about $1000, and for investors, the previous beautiful day turned into a bloody day. This rapid decline has pushed Cryptocurrency below its 5-day moving average, which may cause BTC to become bearish at the weekend.
However, in the medium to long term, digital assets remain bullish, with ranges above the 50 day and 100 day moving averages. Both levels indicate that although bears may temporarily control prices, bulls still largely control prices. As long as the selling pressure remains low, BTC may recover to over $31000 in the next few days.
As of the time of writing, BTC has fallen by 1.59% in the past 24 hours, with trading prices slightly above $30000. Despite the current difficulties, its trading volume has exceeded $23.5 billion, indicating a huge demand for digital assets.
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