Bearish Bias Dominates Bitcoin
The BTC/USD was closed at $32,727.0 after placing a high of $33,333.0 and a low of $32,210.0. BTC/USD extended its loss on Tuesday and remained depressed for the second consecutive session amid the strength in the greenback and the surrounding hostile environment of the cryptocurrency. The SEC delayed the decision-making on another bitcoin ETF proposal named the First Trust Skybridge Bitcoin ETF. It was revealed in the July 7 filing by the U.S. SEC.
According to the filing, the review period was extended by 45 days, and the new date for a decision was set at August 25. The SEC can extend the review period for 240-days maximum before it must make an official decision. This summer, the SEC has delayed multiple application reviews for bitcoin funds, including the proposed Wisdom Tree Bitcoin Trust and VanEck Bitcoin Trust. Skybridge initially filed for the bitcoin ETF with the SEC on March 19 and later submitted an amended proposal on May 6. However, SEC has delayed the decision and extended it for 45 days, and this news added a negative impression on BTC/USD on Tuesday. Meanwhile, the U.K. police confiscated about 180 million pounds, equal to about $250 million worth of digital assets, in money-laundering suspects.
The Met's Economic Crime Command, British Police, made one of the largest global crypto seizures worth $250 million of numerous digital assets as part of a thorough investigation for international money laundering. This news also added a bad impression on the crypto-environment and added loss in BTC/USD. Meanwhile, the ICIC Bank of India has warned users not to use their remittance services for transferring any form of crypto or digital currency. The bank has clearly stated in its latest Retail Outward Remittance Application form its intent to stop users from using the service for crypto transfers. This also exerted downside pressure on BTC/USD.
Furthermore, the U.S. Dollar Index that measures the greenback value against the value of six major currencies also surged on Tuesday to 92.81 level amid the upbeat U.S. CPI data for the day. The Fed's hopes to start tapering asset purchases sooner than expected kept the U.S. dollar higher and BTC/USD lower for the day as both have a negative correlation.
BTC/USD Intraday Technical Levels
Pivot Point: 32756.7
BTC/USD - Technical Outlook
The BTC/USD is trading with a dramatic bearish bias at the 31,800 level since it has violated the symmetrical triangle pattern. On the 4-hour timeframe, the symmetrical triangle pattern supported Bitcoin at 33,335 levels, but the violation of this support brings significant selling pressure in Bitcoin. For the moment, the same resistance level of 33,335 is working at a solid resistance level; however, the BTC/USD will be facing a minor hurdle at 32,139 on the way.
On the downside, the BTC/USD's support holds around 31,050 level that's being extended by a double bottom support level. Breakout of this support level exposes the BTC price towards the next support area of 30,160 level. Selling bias dominates in Bitcoin today. All the best!
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