Bitcoin bears drift in sideways through downward trend-line and descending triangle, but institutional interests intact despite SEC’s clampdown

Bitcoin continued its last weekend’s bearish sentiments, it has currently been, trading at $6,618.6 levels while articulating, BTCUSD trend slides through descending triangle resistance, although bulls bounce back above 21DMAs, but the rallies are not backed by momentum indicators (refer daily chart).

The US SEC has declined several ETF proposals in the recent past, concentrating on stringent regulatory framework. For now, in an official statement of the SEC stating that it has deferred its decision on the approval of the CBOE’s application to be able to trade shares of the SolidX Van Eck Bitcoin ETF (Exchange Traded Fund.) The decision, isn’t now, expected until February of 2019.

The failure swings are observed at 21EMAs, the major trend wedged between $5,700 – $11,700 levels as bears drift in sideways (weekly plotting).

Despite the strong correction cryptocurrency prices have seen, Kling is still eyeing this market and intends to launch a crypto-focused hedge fund over the new few months, as per the sources of Bloomberg. 

BTC ETF has been one significant aspect that would, perhaps, herald the inflow of institutional funds into crypto-avenues. While there may be abundant BTC to invest in. For Bitcoin, the institutional money inflow in a fully legalized asset like an ETF would be an indication of authenticity. Some traditional finance firms have made forays into Bitcoin, but those were mostly small-scale test investments. 

On a broader perspective, as Bitcoin momentarily hit $20,000 during last December but couldn’t sustain that level, while Travis Kling, the executive at Steven Cohen’s Point72 fund, gave up his stand at the well-established institution in a bid to make a meaningful foray into crypto. After vacating his position as an executive at Steven Cohen’s Point72 hedge fund, Travis Kling decided to launch his own crypto-backed fund.

Currency Strength Index: FxWirePro's hourly BTC spot index is flashing at -51 levels (which is bearish), while hourly USD spot index was at -18 (mildly bearish) while articulating at (11:13 GMT). For more details on the index, please refer below weblink:

http://www.fxwirepro.com/currencyindex