Bitcoin Gets Back Above 200-Week Moving Average as Grayscale Wins Lawsuit Against SEC
Bitcoin recently experienced a bearish trend but made a comeback when Grayscale successfully sued the SEC over its reasoning for not approving a spot ETF. This victory shows that the judicial system is still functioning properly and independent from the government and financial agencies.
Key Points:
– Grayscale wins lawsuit against SEC: The judge ruled in favor of Grayscale as the SEC failed to explain the significant differences between futures ETFs and spot ETFs.
– Bitcoin’s price surge: Following the news, Bitcoin experienced a sharp spike, with a one-hour candle shooting up over 6% and reaching as high as 8.2% within three hours. This surge brought Bitcoin back above its 200-week and 200-day moving averages.
– Investors’ dilemma: Investors now face the decision of whether to join the Bitcoin pump or take a wait-and-see approach. Today’s test of the moving average may be a good entry point for those confident in the upward price action.
– Battle between bulls and bears: While the bulls are hopeful for Bitcoin to close above the 200 MA on a weekly and monthly basis, the bears still believe they have the upper hand. Bitcoin losing the trendline and dipping below the 200-week moving average were significant setbacks.
– The ongoing war: The battle between the bulls and bears continues, with Bitcoin’s price action being closely watched. A long wick below on the monthly chart may indicate buying pressure.
Hot Take
With Grayscale’s legal victory and Bitcoin reclaiming its moving averages, the cryptocurrency market is experiencing a shift in momentum. Investors will need to carefully consider their next moves as the battle between bulls and bears intensifies. The outcome of this war will have a significant impact on Bitcoin’s future performance.
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