Bitcoin Price Prediction: BTC Down 3% Amid SEC ETF Delays, US Lawmakers_ Advocacy, & Rate Hike Impacts

Bitcoin, the world’s most valuable cryptocurrency, was trading below $27,000 early on Wednesday, showing a nearly 0.50% decrease in price to $26,220

The overall crypto market cap was at $1.05 trillion, indicating a 0.46% decrease over the past 24 hours. The poor performance of Bitcoin and Ethereum contributed to losses across the entire market.

Bitcoin’s recent losses are due to the SEC’s delay in deciding on the Ark 21Shares Spot Bitcoin ETF, which could negatively impact investor confidence and lead to short-term price fluctuations.

Bitcoin’s low volatility has reduced trading activity and trader enthusiasm, due to a lack of significant profit opportunities and no clear timeline for ETF approval

However, Bitcoin’s blockchain recently surpassed 900 million total transactions and Microstrategy’s purchase has injected optimism into the market, pushing Bitcoin above $26,000.

The Fed’s possible interest rate increase to combat inflation and other recent developments offer hope for Bitcoin’s performance.

SEC’s Delay in Bitcoin ETF Decision Sparks Uncertainty and its Impact on BTC Price

The SEC has extended the decision deadline for the ARK 21Shares Bitcoin ETF to January 10, 2024, and for the Global X Bitcoin Trust to November 21, 2023, giving them more time to review these proposed ETFs

The SEC is also uating spot Bitcoin ETF applications from several companies including BlackRock, Fidelity, VanEck, and Invesco.

Regulators have pushed the decision deadlines on several Bitcoin ETFs to October 16-19

The delays may cause short-term uncertainty in the cryptocurrency market, leading to fluctuations in Bitcoin’s price, and can influence investor sentiment and slow down mainstream adoption.

US Lawmakers Push for Bitcoin ETF Approval, Potential Impact on BTC Price

Several US lawmakers, namely Representatives Mike Flood, Tom Emmer, Ritchie Torres, and Wiley Nickel, have joined forces to write a letter to SEC Chair Gary Gensler, requesting swift approval of a Bitcoin ETF

They mentioned a recent court ruling that determined Grayscale’s proposed Bitcoin ETP to be comparable to approved Bitcoin futures ETPs.

Lawmakers are advocating for a regulated spot Bitcoin ETF that would improve investor protection and make Bitcoin more accessible

They are also worried about the SEC’s delays, especially since major firms like BlackRock and Fidelity have expressed interest. The House Financial Services Committee hearing this week is a chance to address these concerns directly with Gensler.

As a result, the recent news of lawmakers urging the SEC to speed up Bitcoin ETF approval could have a positive impact on BTC

This move could increase investor confidence and drive up the price of Bitcoin, especially given the growing institutional interest.

Bitcoin Price and Interest Rates

Bitcoin’s price could be influenced by multiple factors, including the possibility of interest rate hikes

As traders await the Fed chief’s speech on Thursday, which is expected to provide insight into future rate hikes, they are in a state of uncertainty

If interest rates increase, borrowing costs could become more expensive, impacting different sectors of the economy

This anticipation is making investors cautious and they might turn to Bitcoin as a hedge against potential economic turbulence.

Bitcoin Price Prediction

Taking a look at the BTC/USD pair’s technical landscape reveals that there hasn’t been significant movement; the technical framework largely aligns with our prior analysis

On the four-hour chart, Bitcoin finds immediate support around the $26,000 mark—a psychological support threshold. Meanwhile, resistance persists near the $26,400 level.

A glance at the accompanying chart illustrates an upper trend line, connected from September 11th and 25th, that was recently reaffirmed on September 26th

This trend line currently serves as a support, particularly around the $26,150 mark. The 50-day Exponential Moving Average (EMA) delineates resistance near the $26,400 mark

Bitcoin Price Chart - Source: TradingviewA bullish breach above this could pave the way for Bitcoin to approach the $26,700 target. Should Bitcoin decisively surpass the $26,700 mark, the subsequent resistance levels to watch are $27,200, followed by $27,500.

Conversely, on the downside, a bearish downturn below $26,000 could push Bitcoin’s valuation towards the $25,380 threshold

Any further decline would spotlight $24,900 as a significant support zone. Today’s trading strategy hinges on monitoring the $26,000 mark.

Top 15 Cryptocurrencies to Watch in 2023

Get ahead of the game in the world of digital assets by checking out our carefully curated selection of the top 15 alternative cryptocurrencies and ICO projects to watch for in 2023

Our list is compiled by industry experts from Industry Talk and Cryptonews, so you can expect professional recommendations and valuable insights for your cryptocurrency investments

Stay updated and discover the potential of these digital assets.

See the 15 Cryptocurrencies## Find The Best Price to Buy/Sell Cryptocurrency

Crypto Price Tracker - Source: CryptonewsDisclaimer: Cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication - cryptocurrencies are highly volatile investments with considerable risk, always do your own research.