Bitcoin weekly price analysis 29 August: Token’s value soars in face of ETF rejections
The world's most popular coin has seen some impressive gains, despite the SEC's ETF refusals.
- Bitcoin endured lashes early in the week to finish way ahead, bucking bearish sentiment.
- Trading volumes have risen substantially week-on-week.
- The Securities and Exchange Commission (SEC) rejected a total of nine different bitcoin ETF proposals.
Those gains were quickly reversed by Wednesday 22 August, touching a weekly low of US$6,324.70. However, since that point the token's value has witnessed steady and healthy gains, climbing higher and higher each day.
Bitcoin saw a 4% daily hike in price on Friday 24 August and a weekly high of US$7,083.29 on Tuesday 28 August.
At the time of writing, the world's most popular digital currency held a value of US$7,054.31.
24-hour trading volumes increased week-on-week, starting at US$3.37 billion and finishing at US$4.52 billion.
Bitcoin short positions have been significantly rising since the last major bull run at the end of 2017.
The latest Commitments of Traders (COT) report, released by the US Commodities and Futures Trading Commission (CFTC), suggests that the number of bitcoin bear traders in the futures market may be starting to die down.
The report found that the net position on bitcoin futures slipped down by 1,266 for the week ending 21 August. Short positions dropped to 3,426, down 210 contracts week-on-week, while long positions rose by 56 to 2,160.
After rising above the resistance zone of US$6,700-$6,850, the bulls pushed on, passing the peak (US$6,899) of the prior rally on 22 August. CoinDesk reports that the next level of resistance is currently set at US$7,165.
The United States Securities and Exchange Commission (SEC) rejected nine different applications for bitcoin exchange-traded funds (ETFs) this week, maintaining the same rhetoric and rationale from previous refusals. The ETF proposals were submitted by three separate firms: Direxion (5), GraniteShares (2) and ProShares (2).
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