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Breaking News: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts
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Breaking News: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts

Bitcoin (BTC) Capped, US SEC Delay, It’s now A Matter Of WHEN

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read

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Created by industry experts and meticulously reviewed
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  • Bitcoin (BTC) prices up but in tight ranges
  • The US SEC delays their decision on Bitwise Bitcoin ETF

After their decision on Bitwise Bitcoin ETF, all eyes are on the US SEC and whether they will finally approve any of the many applications. Even so, buyers are in charge with prices soaring 70 percent after breaching $4,500 resistance, now support.

Bitcoin Price Analysis

Fundamentals

Over and above Satoshi’s objective of creating a global payment platform, Bitcoin is disruptive. The technology underpinning its success is likely to cause a paradigm shift accommodating fluid projects. Thus far, there is resistance—but for good reasons.

Bitcoin and all blockchain applications are global and mostly unregulated. That is why there is reluctance from institutional grade investors to sink funds into a sphere where asset price manipulation is so rampant that Jay Clayton of the SEC said the agency wouldn’t approve any crypto derivatives until there is proper monitoring in place.

As agencies and start-ups, lay down rails in compliance, Bitcoin benefits are seeping through barriers. While all eyes are on the SEC and whether they will give the green lights, other jurisdictions are reaping benefits from correctly classifying and assuring investors through capital tax gains. Malta is the lead, and Japan is setting the foundation while there are rumors that Russia is amassing Bitcoin and Gold as a cushion in case there is another sanction.

Meanwhile, Bakkt, Fidelity and traditional brokers are offering avenues for investment, meaning the future is all but bright for early entrants.

Candlestick Arrangement

Bitcoin BTC

Price wise and Bitcoin (BTC) buyers are slowing down. After six weeks of stellar performance that saw BTC prices soar 70 percent—or more once bulls tore $4,500, the foundation is firm. Presently, BTC prices are under sell pressure. With yesterday’s long upper wick hinting of liquidation in lower time frames, today’s trade range is inside May-14 highs despite a near perpendicular expansion.

All the same, there is a high likelihood that buyers will forge forward. However, if there is a retracement from spot levels in a correction of May-14 over-valuation—a whole bull bar is above the upper BB, then prices would likely slide to $7,500 in a retest phase.

Nonetheless, from candlestick arrangement, buyers are firm and risk off traders should ramp up on dips, albeit with stops at around $7,600.

Technical Indicator

In light of this slow down and expectation of a retracement, our anchor bar is May-11’s. The candlestick is wide-ranging and with above average volumes—47k. For trend continuation, any breach of $8,500 or drop below $7,500 must be with high participation. These volumes must exceed averages of 24k and 47k confirming or nullifying our trade position.

Chart courtesy of Trading View

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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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