BTC/USD slips under $6,600 as Bitcoin bulls are on the fence, waiting for SEC’s ruling on crypto ETFs

• BTC/USD is back in the old range, no breakthrough in sight.
• Experts surveyed by Finder.com cite SEC’s decision on ETF as the main concern.

Bitcoin has slipped back below $6,600 handle, as the upside momentum faded away on approach to stiff technical resistance. Market players are not ready to take the coin out of the range yet as there are no strong catalysts that may create a strong momentum.

What stirs the crypto pot now?

Cryptocurrency market volatility rests at multi-months low with Bitcoin 30-day volatility index registered at 1.57%. It seems that speculators and large investors alike are waiting for the clues to get a better understanding of further industry development. SEC’s pending decision on crypto ETF is one of the key issues that bother the market players, according to the latest survey, carried out by Finder.com.

“The issue of the pending ETF decision by the U.S. Securities and Exchange Commission is still on our panelists’ minds, with some citing the decision as the main indicator of short-term performance and anticipating it to affect the market for months to come,” Jon Ostler, UK CEO at finder.com says.

While the majority of experts still believe that the digital coin No.1 will gain ground by the end of the year (the average end-of-year forecast is $10,319), the predictions tend to decline as compared to the earlier estimations.

“Cryptocurrency is currently a bearish market, with our panelists’ BTC predictions for the end of 2018 decreasing for the third consecutive month in a row,” Mr. Ostler explains.

Bitcoin’s technical picture

BTC/USD bumped into DMA50 and retreated back under $6,600 handle. This development darkens the short-term technical picture and implies that more rangebound trading is in store for us. On the downside, BTC/USD is supported by $6,545 (Monday’s low) and $6,500. A sustainable move lower will trigger more selling pressure with the initial aim at $6,327 (September 25 low) and $6,108 (September 19 low). That’s where new buying interest is likely to appear.

BTC/USD, the daily chart