The cryptocurrency market is once again filled with dramatic twists and turns. While Bitcoin price faces headwinds, largely due to the US Securities and Exchange Commission’s (SEC) recent decision to delay approvals for spot bitcoin exchange-traded fund (ETF) applications, there’s a palpable buzz in the meme coin sector.
Leading financial players, from BlackRock to VanEck, have been anxiously awaiting the SEC’s green light for their ETF initiatives, which aim to simplify retail Bitcoin investments.
However, with the SEC leveraging its full 240-day review period, as highlighted in its latest Thursday filings, Bitcoin’s price suffered, plummeting over 5.5% in just two days to rest below the $26K threshold.
In stark contrast, as Bitcoin grapples with regulatory delays, meme coins, particularly the emerging Shiba V Pepe (SHEPE), are seeing a surge in investor interest. It raises the question: Could Wall Street Memes be the next crypto sensation?
Bitcoin Price Prediction
Bitcoin’s technical aspects are currently being analyzed, and it shows a bearish trend. This is especially true after breaking the significant support level of $25,900.
At the moment, Bitcoin is moving towards the next critical support level at $25,400, which was previously its low on August 22.
The likelihood of a continued decline is supported by a bearish engulfing candle on the four-hour chart, coupled with a bearish crossover below the 50-day exponential moving average.
The Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicator are both in a sell zone, which reinforces the potential for ongoing bearish momentum.
If Bitcoin manages to surpass the $25,400 mark, it can expect to find support around $24,600, with $24,150 serving as a strong foundation.
However, the $25,900 level is expected to offer significant resistance on the upside. A bullish crossover beyond this could pave the way for a climb towards $26,400, and even potentially $27,000.
In summary, the $25,400 price point is the key level to watch today, as it will likely determine the direction of Bitcoin.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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