- Bitcoin price saw a lot of swing moves recently against the US dollar due to the SEC verdict to list Bitcoin ETF.
- The price was rejected completely near a bearish line on the 4-hours chart (data feed from SimpleFX) of BTC/USD near $1184.
- However, the price is losing the steam, and remains at a risk of a downside move.
Bitcoin price made a sharp downside move after the SEC predict on ETF, but is this decline in BTC/USD real or fake?
Bitcoin Price Downside Move and ETF Decision
There was a major event lined up recently, as the U.S. Securities and Exchange Commission announced their verdict to list the Bitcoin ETF. They decided against, and disapproved the request, which produced a sharp downside move in Bitcoin price. The BTC/USD pair was earlier seen trading close to $1200, but after the decision, the price declined. A new downside wave was initiated, as the price moved from the $1184 high to the $1061 low.
The recent rejection near $1184 was crucial, as a bearish line on the 4-hours chart (data feed from SimpleFX) of BTC/USD acted as a hurdle. The price also moved below the 100-hourly simple moving average (H4) at $1157. However, the sharp downside move found support near $1060, and the price recovered. The price has already moved above the 50% Fib retracement level of the last decline from the $1184 high to $1061.
At the moment, the price is attempting to move past the 76.4% Fib retracement level of the last decline from the $1184 high to $1061. If that happens, the price could head above the highlighted bearish trend line. However, a break won’t be easy, but no doubt, the price has recovered well and the decline looks fake.
Looking at the technical indicators:
4-hours MACD – The MACD has reduced most of its bearish slope, which is a positive sign.
4-hours RSI (Relative Strength Index) – The RSI is attempting to move back above the 50 level.
Major Support Level – $1100
Major Resistance Level – $1185
Charts courtesy – SimpleFX