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US SEC Continues Deferrals of Bitcoin ETF’s Approvals, BTC/USD Prolongs Bearish Streaks

The US SEC has been deferring its decision on a Bitcoin ETF approval often and often until finally a due date has been scheduled on the decision for several weeks from now – February 27th, while crypto radicals are holding their nervous for now.

Recently, the US government shutdown has triggered the withdrawal of CBOE’s application

However, the plan is scheduled for January 22nd as to when the CBOE BZX exchange withdrew the application that in turn, enabled it to list shares of the VanEck and SolidX ETF.

While the bearish streaks in cryptocurrency avenue remain intact, with BTC is down by -2%, ETH drops by 4.3% and XRP shows slumps by 3.46%.

Technically, BTCUSD price (at Bitfinex) has been sliding below 7-DMAs, bears seem to be shrugging-off hammer formations (refer daily plotting), While both leading and lagging indicators substantiate downswings. 

On a broader perspective, the intermediate trend of this pair has breached range-bounded trend, consequently, retraces more than 78.6% Fibonacci levels with bearish EMA & MACD crossovers, bearish pressures imminent as the current price well below EMAs.

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -88 levels (which is bearish), while hourly USD spot index was at 82 (bullish) while articulating (at 11:08 GMT).

For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex

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