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Bitcoin {BTC} dips after a brief bull-run; Jay Clayton is a massive obstacle for ETF enthusiasts

Bitcoin

According to the candlestick chart connected to the BTC/USD pair on tradingview [based on data obtained from the Bitstamp Exchange], the bears are back in action. In the aftermath of 7th October, the peaks tied to the Awesome Oscillator possessed the green shade, signifying the rise of bullish pressure. From 8th October onwards, the MACD line began heading north of the signal line, pointing to a trend change.

The top-ranked digital currency experienced resistance at $8818.48 a day back. The support level lies adjacent to the $7730 mark. The daily RSI [for 14 periods] is at 41.33 which points to $BTC being deeply immersed in neutral territory, although further decline may result in the king coin inching closer to the oversold zone.

Bitcoin ETF’s have been a huge topic of controversy. The SEC has categorically shot down all proposals, which had led to an outcry from within the crypto-community.

Jake is a distinguished lawyer who is still one of the most dedicated crypto-proponents in the ecosystem. As you can see, he holds the opinion that Jay Clayton’s departure is crucial for Bitcoin ETFs to be cleared; which may not occur anytime in the foreseeable future.

Bitcoin is ranked at #1 ahead of Ethereum and XRP in the market. The trading volume recorded stands at roughly $18.565 billion for now, while the supply has 17,987,637 BTC coins in play as of this very moment. The total market cap of Bitcoin amounts to $150.472 billion for now. The price dropped at a rate of 2.22% in the course of the past 24-hours, this brought BTC all the way down to $8365.33 where it presently holds.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.