The Securities and Exchange Commission (SEC) rejected an application for a Bitcoin exchange-traded fund filed by Cameron and Tyler Winklevoss
This was their second attempt to create the first digital currency-linked ETF. The regulator expressed concern regarding liquidity and storage issues. The SEC is currently reviewing two more similar filings filed by VanEck and SolidX.
The news has pushed the price of Bitcoin below $8,000, which could signal the start of a correction following the bull run. Currently, BTC is trading at $7887, its price fell by 3.7% during the day. In the short term, Bitcoin has moved into oversold territory, but the trend remains bearish.
On the hourly time frame, we see that the BTC/USD pair fell below the 50 and 100 SMA, and came very close to the critical 50% fibonacci level at $7,862. If the price reaches this level, it could fall below the 200 SMA, at $7,720.
According to fxstreet.com
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