Bitcoin Price Holds at $4,100, Bitwise & VanEck BTC ETF to Drag Till October

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These last two days have been interesting for Bitcoin as the price went from $4,060 to $4,275, in a matter of hours. However, it didn’t take long for BTC to drop down back to $4,095 level either. Currently, it is sitting at $4,109 with 24-hours gains of 0.32 percent, as per Coinmarketcap data.

Back-to-Back Green Months for Bitcoin
It was only in February that Bitcoin started making its way upwards, starting from $3,450 Now after registering a green February, Bitcoin has made a win in yet another month.

As Mati Greenspan, a senior analyst at eToro wrote, “Bitcoin is at its highest level in more than a month this morning, currently testing resistance around $4,200 per coin.” Though as he noted some analysts see the long-trend bear trend line to be broken, what’s more important is the “200-day moving average that draws ever nearer.”

According to crypto analyst and trader, Magic Poop Cannon, Bitcoin has surpassed the 150 MA but from here he is expecting the price to only chop sideways “unless $4,200-$4,400” area is surpassed.




He further points out that the fact that price went upwards breaking the massive resistance level, “the probability that Bitcoin will move sideways or higher, is now technically greater than the probability that we will see lower lows in the market.”

If $4,200-$4,400 range is broken, we will have a “more” bullish outlook but additional resistance remains overhead which means failure to move past this means sideways movement for Bitcoin.

Sideways is boring for BTC price but for altcoins, it is the time to get pumped and register significant gains.

Currently, among the top cryptos Binance Coin is up over 4 percent while Dash and VeChain are up about 7 percent. Today’s top gainer is Elastos with 28 percent gains followed by Tezos and Storj with over 17 percent greens.

Don’t Hold Your Breath for Bitcoin ETF, At Least till Later this Year
Meanwhile, the Securities and Exchange Commission (SEC) has delayed its decision on Bitcoin to May. This came after the leaked interview of the SEC Commissioner that believed the regulators will approve the proposal.

Bitcoin ETF that will provide a new investment option for market participants including institutional investors is expected to bring increased liquidity in the BTC market.

However, it is not happening in the first half of this year as Jake Chervinsky, a securities litigation lawyer at Kobre & Kim shared that the SEC “almost certainly” will postpone the ETF proposals again with the final deadline for approval or disapproval to be set in October 2019.

source:https://bitcoinexchangeguide.com/bitcoin-price-holds-at-4100-bitwise-vaneck-btc-etf-to-drag-till-october/