{"id":436175,"date":"2023-09-04T12:01:50","date_gmt":"2023-09-04T12:01:50","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=436175"},"modified":"2023-09-04T12:01:50","modified_gmt":"2023-09-04T12:01:50","slug":"bitcoins-balancing-act-btc-may-tumble-to-20k-in-bearish-scenario","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoins-balancing-act-btc-may-tumble-to-20k-in-bearish-scenario","title":{"rendered":"Bitcoin’s Balancing Act: BTC May Tumble to $20K in Bearish Scenario"},"content":{"rendered":"

Bitcoin price is closing in at $26k once again after dropping to $25,400 last Friday. The coin saw quite a bit of volatility in the final days of August, first skyrocketing to $28k on August 29 after Grayscale’s court victory over the SEC, only to crash again on August 31.<\/p>\n

The price dipped to $26k on September 1, only to break the support by the end of the day and drop to $25.4k, as mentioned.<\/p>\n

Over the weekend, the price was seemingly moving sideways. Still, on closer inspection, it has been gradually growing back toward the resistance at $26,000, and it finally climbed near it earlier today, Monday, August 4.<\/p>\n

At the time of writing, the price has yet to breach the resistance. It managed to go to $26,035 a few hours ago briefly, but right now, it is back to $25,965.<\/p>\n

Monitoring its performance, analysts believe that Bitcoin is currently offering short-term and long-term opportunities.<\/p>\n

\"Chart<\/p>\n

The analyst who suggested it believes that the chart forms an ascending triangle, a bullish pattern. They also indicated that this may have come from recent speculation regarding the BTC ETF approval possibility.<\/p>\n

However, they also acknowledged that September is typically one of the worst months for cryptocurrencies, so bull traps should be expected.<\/p>\n

Another analyst also seems to believe this, noting that the next crash is undoubtedly coming; however, before it happens, Bitcoin will need to correct its recent downtrend, which means a brief bull run followed by another hit.<\/p>\n

This could provide some opportunities for day traders and scalpers, but according to experts, there are better times to buy for those uncomfortable with taking risks.<\/p>\n

\"Chart<\/p>\n

JP Morgan: SEC Will Be Forced To Approve BTC ETFs<\/h2>\n

There has been much speculation regarding the Bitcoin ETF approval, especially after Grayscale’s recent court case.<\/p>\n

Essentially, the court decided that the regulator was too quick to reject the ETF proposal, believing that the SEC did not consider it properly.<\/p>\n

The court ordered the regulator to take another look, which is encouraging, although it is not guaranteed that the ETF will be approved.<\/p>\n

However, JP Morgan, particularly its analyst Nikolaos Panigirtzoglou, believes that the SEC is running out of excuses and will likely be forced to greenlight several spot Bitcoin ETFs.<\/p>\n

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JPMorgan analysts led by Nikolaos Panigirtzoglou wrote in a note on Friday that following Grayscale's victory in its case against the SEC, the SEC would likely be forced to approve spot bitcoin ETFs.https:\/\/t.co\/W7KVWBbApv<\/a><\/p>\n

— parzivalkairav 🔨🗿🎯 (@kairavweb3) September 3, 2023<\/a><\/p><\/blockquote>\n