Bitcoin successfully held on to its $26000 support, hinting at a probable crypto price rise, as bears and bulls increased their activities near the mark.
The crypto market witnessed a static trend over the last 24 hours, with tokens seeing little volatility. Bitcoin was the positive factor, as it traded over $26000. If it continues to trade over the support level till the weekend, the next month could see a bullish jumpstart. BTC had started the month just below $26000 but may have garnered enough support to end the month above it.
Regulatory hurdles have arisen from the SEC in the US, though. The regulator has extended its approval times for a particular crypto ETF, creating anticipation in the market.
The SEC said, “The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change […] and the issues raised therein.”
Most investors had been expecting a crypto ETF in the US this year. Its postponement may bring back macroeconomic factors as the main trigger for crypto rallies. BTC is trading around the same level as its 20-day moving average. The market could see an upward trend if it breaks above the level.
BTC/USD 1D price chart
Bitcoin is currently trading at around $26200 on September 27, 2023, with BTC/USD trading lower by 0.3% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (26,213.35), as BTC’s 24-hour volume was at around $7 billion. Bitcoin has seen around 58.26% returns on a year-to-date basis.