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.
At this point, it’s reasonable to assume that Jay Clayton’s SEC will never approve a bitcoin ETF.
His term ends on June 5, 2021, but could go another 18 months longer.
Usually we’d see new ETF proposals filed immediately after rejection, but it might be time to take a year off.
— Jake Chervinsky (@jchervinsky) October 10, 2019
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.