With bitcoin showing resilience to negative news flow, a strong bullish move is looking increasingly likely.
On Wednesday, the Chicago Board Options Exchange's BZX equity exchange withdrew its request for a rule change by the U.S. Securities and Exchange Commission that would have allowed it to list a bitcoin exchange-traded fund backed by VanEck and SolidX. The market narrative with respect to the ETF is that its approval could trigger the next bull run in the leading cryptocurrency by market value.
In the past, markets have responded negatively to delays or rejections in ETF approval.
The latest ETF withdrawal has barely moved the needle for BTC's price.
As a result, the cryptocurrency could soon end the 14-day-long consolidation with a bullish breakout.
Further, the Cboe ETF - first filed with the SEC in June 2018 - had experienced several delays in the past.
The odds of the bull breakout look good, as the ETF news failed to embolden the bears and gold is feeling the pull of gravity.
View BTC's defense of $3,500 amid the bearish news flow likely indicates seller exhaustion.
As a result, the prospects of cryptocurrency witnessing a triangle breakout on the daily chart are high.
Bitcoin image via CoinDesk archives; charts by Trading View.
Bitcoin Price Defends $3.5K After Cboe Pulls ETF Proposal
gepubliceerd op Jan 24, 2019
by Coindesk | gepubliceerd op Coinage
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