11/17/2023
Bitcoin (BTC) price witnessed a sharp retracement after once again rejecting the resistance above $38,000 early Thursday.
Currently, the price of BTC is fluctuating around $36,300, down more than 4% on the day, but still within this week’s range of $35,000 to $38,000.
Bitcoin’s failure to break out to higher levels comes after the U.S. Securities and Exchange Commission (SEC) delayed Hashdex’s decision to convert its Bitcoin futures exchange-traded fund (ETF) into a spot Bitcoin ETF.
Some traders may have hoped that the SEC would approve this application this week along with a batch of other spot Bitcoin ETF applications, such as from BlackRock and Ark Invest, etc., hence the intraday sell-off.
The SEC is likely to approve a batch of spot Bitcoin ETFs in early 2024, so optimism about Bitcoin market inflows in 2024 may continue to support prices for the foreseeable future.