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Bitcoin Price Prediction: BTC Targets $26,200 – What Fuels the Momentum?

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Bitcoin Price Prediction Aug 29
Bitcoin Price Prediction Aug 29

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Bitcoin price took another chance to surge yesterday, August 28, taking another two swings at the resistance at $26.2k. This marked its fifth and sixth attempts in the last five days. Before that, the coin surged to $26.8k last Wednesday, although it quickly dropped under $26.6k.

After a few attempts to return to $26.8k, the coin dropped under $26,000. During the weekend, BTC was mostly trading sideways, being mostly dormant. However, before and after the weekend, the coin has made at least one attempt daily to go back beyond $26,200.

In the last 24 hours, its price was battling a smaller resistance level at $26,150, which kept rejecting the price.

The most considerable rejection occurred late August 28, pushing the coin to $25,950. However, BTC came back to make another attempt early on August 29.

The resistance still held, and the coin’s price eventually lost momentum, and it started spiraling down back to $25,950, which is where it sits at the time of writing.

Bitcoin ETF Decision to Come before Labor Day Weekend

While the hype regarding Bitcoin spot ETF filings is long gone, the US SEC has yet to decide the second round of filings. According to recent reports, the regulator is set to make imminent rulings before Labor Day weekend.

The SEC still has five Bitcoin ETFs to review and decide whether to allow one or more of them to launch. The applicants are all high-profile financial companies, including BlackRock, Bitwise, VanEck, Invesco, and WisdomTree.

Bitwise’s submission will allegedly be the first to be reviewed, which should happen by September 1. After that, the rest of them must be assessed by the following day.

The SEC should then make its decision before the weekend. However, given the regulator’s track record, very few expect that even a single filing will see an approval.

If it does, the hype could return and boost Bitcoin’s price. A more likely scenario is that the SEC will reject them all again, causing the BTC price to sink even more profoundly.

Where Will Price Go From Here?

Bitcoin’s price uncertainty is more significant than ever, and even technical indicators are not helping traders determine what will happen next. One analyst noted that the coin formed a symmetric triangle pattern, meaning that the price could either break out or break down with a similar likelihood.

Chart 1 Bitcoin Aug 29

Another analyst drew a similar conclusion. They were considering the BTC 15-minute trendline, which revealed that the price is currently in the middle of a trendline. Bitcoin has yet to decide on this level, which could go up or down. For now, there is no way of knowing for sure.

Chart 2 Bitcoin Aug 29

Others believe that the coin is close to a breakout and that this could lead to the first-ever bullish September in BTC history. The only way to happen now is for the regulator to approve an ETF.

Wall Street Memes Presale In Final Moments

The most popular presale of this summer goes to Wall Street Memes (WSM), a new meme coin inspired by a subreddit called WallStreetBets.

The subreddit, which consists of amateur investors, became famous last year when its members stood up against institutions that were shorting the stocks of specific companies for profit.

Redditors started mass purchasing said stocks, pumping their price and causing institutions to lose money. Those firms would be financially ruined without their intervention due to institutional greed.

Wall Street Memes decided to commemorate their effort with a meme coin, which ended up being one of the largest meme coin presales ever, raising over $25 million.

Now, the presale is in its final moments, but potential buyers can still get their hands on the WSM token, each of which sells for $0.0337. Buyers can get the token in exchange for ETH, BNB, USDT, or pay via credit/debit card.

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