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\t\t\t\t\t\t\t\tPosted: September 3, 2023 Bitcoin [BTC]<\/a> slipped under $26,000 as concerns mounted over whether the Securities and Exchange Commission (SEC) will grant its approval for spot Bitcoin exchange-traded fund (ETF) in the U.S. despite the recent <\/span>ruling<\/span><\/a> in the Grayscale matter.\u00a0<\/span><\/p>\n Read\u00a0Bitcoin\u2019s [BTC] Price Prediction<\/a>\u00a02023-2024<\/p>\n In reaction to the ruling, on 31 August, the regulator <\/span>announced<\/span><\/a> its decision to extend the period within which to review all spot Bitcoin ETF applications filed by BlackRock, WisdomTree, Invesco Galaxy, Wise Origin, VanEck, Bitwise and Valkyrie Digital Assets.\u00a0<\/span><\/p>\n Following this news, the price per BTC, which had traded above $27,000, immediately dropped and has since fallen by 5%.<\/span><\/p>\n Source: CoinMarketCap<\/p>\n<\/div>\n The regulator\u2019s decision to designate a longer period to review all pending ETF applications before it has led many to believe that the SEC might not give its approval despite the Grayscale victory.<\/span><\/p>\n In a recent report<\/a>, digital asset investment firm CoinShares found that BTC accounted for 87% of all funds removed from all digital asset investment products between 21 and 25 August,<\/span><\/p>\n \u201cDue to the increasing acceptance that a spot-based ETF for Bitcoin in the US is likely to take longer than many expect, with recent delays being announced by the SEC.\u201d<\/span><\/p>\n<\/blockquote>\n At press time, the coin traded at $25,778. With the market largely unsure of the coin\u2019s next price movements, its Bollinger Bands, observed on a D1 chart, suggested that BTC remained significantly prone to significant price swings.\u00a0<\/span><\/p>\n Also, the coin\u2019s price trended closer to the lower band of the indicator, suggesting that selling pressure continued to outweigh accumulation. Key momentum indicators positioned below 50 confirmed this. <\/span><\/p>\n At press time, BTC\u2019s Relative Strength Index (RSI) was southbound at 35.44. Similarly, its Money Flow Index (MFI) was spotted at 37.85.<\/span><\/p>\n Signaling increased liquidity exit amongst daily spot traders, the coin\u2019s Chaikin Money Flow (CMF) returned a negative value of -0.05 at press time.<\/span><\/p>\n How much are\u00a01,10,100 BTCs worth today<\/a>?<\/p>\n A value below the zero line is a sign of weakness in the market, as it suggests a liquidity flight, which might otherwise propel the value of an asset if kept in the market.\u00a0<\/span><\/p>\n Source: BTC\/USD, TradingView<\/p>\n<\/div>\n On the futures markets, BTC\u2019s open interest continues to fall. Data tracked by <\/span>Coinglass<\/span><\/a> showed that it has fallen by 12% since 30 August. At press time, the coin\u2019s Open Interest was $10.28 billion.<\/span><\/p>\n
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