BTC Targets $26,200 – What Fuels the Momentum?

Bitcoin worth took one other probability to surge yesterday, August 28, taking one other two swings on the resistance at $26.2k. This marked its fifth and sixth makes an attempt within the final 5 days. Earlier than that, the coin surged to $26.8k final Wednesday, though it shortly dropped below $26.6k.

After a couple of makes an attempt to return to $26.8k, the coin dropped below $26,000. In the course of the weekend, BTC was largely buying and selling sideways, being largely dormant. Nonetheless, earlier than and after the weekend, the coin has made not less than one try each day to return past $26,200.

Within the final 24 hours, its worth was battling a smaller resistance degree at $26,150, which stored rejecting the worth.

Essentially the most appreciable rejection occurred late August 28, pushing the coin to $25,950. Nonetheless, BTC got here again to make one other try early on August 29.

The resistance nonetheless held, and the coin’s worth finally misplaced momentum, and it began spiraling down again to $25,950, which is the place it sits on the time of writing.

Bitcoin ETF Choice to Come earlier than Labor Day Weekend

Whereas the hype concerning Bitcoin spot ETF filings is lengthy gone, the US SEC has but to determine the second spherical of filings. In response to latest stories, the regulator is about to make imminent rulings earlier than Labor Day weekend.

The SEC nonetheless has 5 Bitcoin ETFs to assessment and determine whether or not to permit a number of of them to launch. The candidates are all high-profile monetary firms, together with BlackRock, Bitwise, VanEck, Invesco, and WisdomTree.

Bitwise’s submission will allegedly be the primary to be reviewed, which ought to occur by September 1. After that, the remainder of them have to be assessed by the next day.

The SEC ought to then make its choice earlier than the weekend. Nonetheless, given the regulator’s observe document, only a few count on that even a single submitting will see an approval.

If it does, the hype may return and enhance Bitcoin’s worth. A extra probably state of affairs is that the SEC will reject all of them once more, inflicting the BTC worth to sink much more profoundly.

The place Will Value Go From Right here?

Bitcoin’s worth uncertainty is extra important than ever, and even technical indicators usually are not serving to merchants decide what is going to occur subsequent. One analyst famous that the coin fashioned a symmetric triangle sample, that means that the worth may both escape or break down with an analogous chance.

One other analyst drew an analogous conclusion. They have been contemplating the BTC 15-minute trendline, which revealed that the worth is at the moment in the course of a trendline. Bitcoin has but to determine on this degree, which may go up or down. For now, there isn’t any method of realizing for positive.

Others consider that the coin is near a breakout and that this might result in the first-ever bullish September in BTC historical past. The one option to occur now’s for the regulator to approve an ETF.

Wall Road Memes Presale In Closing Moments

The preferred presale of this summer time goes to Wall Road Memes (WSM), a brand new meme coin impressed by a subreddit referred to as WallStreetBets.

The subreddit, which consists of beginner buyers, turned well-known final 12 months when its members stood up towards establishments that have been shorting the shares of particular firms for revenue.

Redditors began mass buying mentioned shares, pumping their worth and inflicting establishments to lose cash. These corporations could be financially ruined with out their intervention as a result of institutional greed.

Wall Road Memes determined to commemorate their effort with a meme coin, which ended up being one of many largest meme coin presales ever, elevating over $25 million.

Bro thought robbing a day dealer was a good suggestion pic.twitter.com/a40CJcXbAj

— Wall Road Memes (@wallstmemes) August 27, 2023

Now, the presale is in its ultimate moments, however potential patrons can nonetheless get their arms on the WSM token, every of which sells for $0.0337. Consumers can get the token in alternate for ETH, BNB, USDT, or pay through credit score/debit card.

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