Bitcoin (BTC) More Stable than Ever, As It Waits for the SEC’s Final Verdict

The last couple of weeks haven’t been really friendly to the digital currencies in the market. However, last week was an exception, as it saw the rise of most digital currencies, with XRP taking the lead. Last week, precisely Sept. 21, the value of XRP saw a massive increase that helped it to displace Ethereum (ETH) and took over its position. Nevertheless, XRP couldn’t hold the position for long as Ethereum (ETH) gathered enough traction to reclaim its position.

Bitcoin (BTC) Price Prediction

Top analysts are still holding on to their predictions regarding Bitcoin (BTC), with Tim Draper still holding on tight to the $250k prediction for BTC. As earlier reported by Smartereum.com, Mike Novogratz has also predicted that Bitcoin (BTC) will hit the $10k mark by the end of this year, after surging over the hurdles at $6,800 and $8,800.

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SEC’s Final Verdict Scheduled for Sept. 30

The SEC has, over the months, rejected several Bitcoin (BTC) ETF applications. The SEC has, however, decided to review the VanEck/SolidX Bitcoin (BTC) ETF application, and they have scheduled the final ruling for September 30th. The SEC has also made some positive statements about the proposal, as they recently asked for more comments on the proposal. This has given a lot of people hope that an approval is on the way.

Bitcoin (BTC) Price Today – BTC / USD

Name Price24H (%)
Bitcoin (BTC)
$5,646.14
-1.83%

Bitcoin (BTC) Price Analysis

The value of Bitcoin (BTC) is currently facing a very strong hurdle on the upside, and it might experience a little decline to the levels where the bulls might take over again. The 200 simple moving average is now beneath the 100 simple moving average to suggest that the path of least resistance is heading north.

Bitcoin (BTC) has been rejected several times close to the $6,800 level – which is its major hurdle point. The digital currency is currently trading close to the $6,700, and it needs to break over the $6,780 and $6,800 resistance levels to amass enough traction to test and trade over the $7k level.

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