The past week has seen some massive fluctuations in the world of Bitcoin, proving volatility to be in the core of the cryptocurrency. Bitcoin experts and holders alike are constantly on the lookout for new indications that could give some insight as to the upcoming shift in marketplace.
Still, as this workweek draws to a close, this market seems to be drawing all the further from a steady course. Speculations continue to arise, with some taking an all the more serious consideration of the Gann key pivot point dates, and their coinciding with other key events. This would be just another analysis from technical analyst Mitoshi Kaku had the Gann pivot not included ancient math and astronomical calculations to predict bullish tendencies.
A Plunge into the 4-Figure Pool
As the first half of the week keeps drawing to a close, Bitcoin is firmly holding onto its 4-figure value. Surprises from this cryptocurrency were not missed in the past week, as it experienced several such plunges. Nevertheless, at the height of its stabilization, the cryptocurrency seemed to have settled down just north of the $11,000 mark. At the time of writing this article, Bitcoin’s price is firmly standing in the 9900s USD, more precisely $9,966.
On the whole, this is considered to be the all-time low for the past 7-day period, with the bearish tendency evident from the latest 1.40% drop. Nevertheless, a more positive outlook is on the rise again – Bitcoin trading volume has risen by about $2m in the past 24h. Bullish tendencies are even more evident, if you track the same parameters a few days backwards.
ETF Approval and Bakkt Launch – Key Factors in the Bitcoin Price Market
As you can see, the Bitcoin price market is always dependent on more than a couple of factors when it comes to its shifts in value. Nevertheless, not all have the same effect potency, but it seems as if the latest ones are not ones to budge in.
It has been drawn to the Bitcoin public’s attention that the US Securities and Exchange Commission (SEC) made another move to postpone three company applications for Bitcoin exchange-traded funds (ETFs). One of these originates from VanEck/SolidX applying to the Chicago Board Options Exchange (CBOE), and getting postponement to October 18. The New York Stock Exchange (NYSE), on the other hand, received an application from Bitwise, and postponed it for October 13. These are the two companies’ final application dates before the maximum 240-day application period expires. Still, a third company has made a move towards the same purpose – Wilshire Phoenix applied with the same NYSE – and got another postponement to September 29, and another 150 days to go before reaching the expiry date.
All this is rather symptomatic in the eyes of experts looking to discover the underlying cause to Bitcoin’s market flushes. In this line of though, some additionally pointed out to the launch of Bakkt. It is intended as a futures trading platform owned by Intercontinental Exchange which will be the first to legally pay out its investors in Bitcoin, under the authorization of the U.S. Commodity Futures Trading Commission (CFTC). While such and other observations continue to arise, Bitcoin is attentively followed by the waking eyes of the whole community. After all, it seems like major changes are in store for the crypto once the storm settles down, and all it takes is to see if it will take the bull’s or the bear’s way.