Bitcoin Price Looks North Despite SEC's Latest ETF Rejection

View Bitcoin's short-term bullish view remains intact.

Daily chart indicators are biased bullish, while the 4-hour chart is reporting a bullish reversal pattern.

So BTC could rise to $9,000 in the days ahead. The bullish case would weaken if prices drop below key support at $8,110.

Bitcoin continues to look north and may rise to $9,000 in the short-term despite a U.S. regulator's decision to reject a bitcoin exchange-traded fund proposal.

The cryptocurrency's resilience is not surprising, as the market had set its bar of expectations low following the regulator's repeated rejection of various ETF proposals over the last 12 months.

Further, the low odds of the SEC approving the ETF had been priced in long ago, according to popular analyst Alex Kruger.

Many observers had associated the price rise with speculation that the SEC might approve a new bitcoin-based ETF. If that had been the case, the cryptocurrency would have faced a sell-off following the regulator's decision.

Bitcoin jumped 5 percent on Wednesday, confirming the impending trend reversal signaled by Monday's bullish outside-bar candlestick pattern.

The short-term bullish case will remain intact as long as prices are holding above the higher low of $8,110 created on Oct. 9.

Bitcoin image via CoinDeskArchives; charts by Trading View.