Bitcoin shows bearish signs as ETF approvals get delayed

• The delay in the SEC’s decision-making process caused BTC’s weighted sentiment to drop.
• Most of BTC’s metrics and market indicators suggested the possibility of a price correction. 

Bitcoin [BTC] ETFs have been a topic of discussion for quite some time now. Now, it has been revealed that BTC ETFs might get delayed further. 

Read Bitcoin’s [BTC] Price Prediction 2023-24

This news put a dampener on BTC, which failed to breach the $27,000 mark. Notably, the king coin meandered around the $26,500 – $27,000 mark over the last week.

A look at the Bitcoin and SEC episode

As reported earlier, the United States Securities and Exchange Commission (SEC) has once again moved to delay its decision on spot Bitcoin ETFs. The latest decision came a day after SEC Chairman Gary Gensler was grilled at a US Congressional hearing. 

On 29 September, Mags, a popular crypto trader and analyst, recently posted a tweet and noted, 

“The SEC is trying to show that they are not interested and attempting to push the dates until the final deadline, even though both the SEC and BlackRock know the inevitable outcome.” 

This episode definitely had a negative impact on BTC’s performance, which was evident from the slight drop in its weighted sentiment over the last few days.

However, Bitcoin’s social volume remained relatively high, reflecting its popularity in the crypto market.

Source: Santiment

Not only on the social front, but the episode had also affected buying sentiment, as CryptoQuant’s data revealed that BTC’s aSORP was in the red at press time.

This meant that more investors were selling their holdings, which could indicate a market top. Its taker buy/sell ratio was also in the red, meaning that selling sentiment was dominant in the market.

However, the exchange reserve looked optimistic as the metric registered a drop.

Source: CryptoQuant

Is BTC’s price about to go down?

Selling pressure seemed to have been on the rise at a time when Bitcoin was failing to cross the $27,000 mark. According to CoinMarketCap, BTC was up by more than 1.5% in the last seven days.

At the time of writing, it is trading at $26,952.5 with a market capitalization of over $525 billion.

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A look at BTC’s daily chart helped provide a better understanding of what to expect from the crypto in the coming days. For instance, the MACD showed that the bulls and the bears were trying to gain an edge over each other.

Moreover, Bitcoin’s Relative Strength Index (RSI) and Money Flow Index (MFI) both went sideways, suggesting that investors might witness a few more slow-moving days over the coming weeks.

Source: TradingView