Bitcoin (BTC) is yet again subject to regulatory forces at play as the United States Securities and Exchange Commission (SEC) postpones the approval of Bitcoin spot exchange-traded funds (ETF) for several investment behemoths.
It is generally expected across the crypto community that such a move would bring more institutional and retail money into the world's most popular digital currency.
BTCUSD - 1 Week Time Frame
In the broader context of the overall price action, Bitcoin has had some attempts to break above the $30,000 mark earlier this year, but it failed to do so.
Following BlackRock’s filing, Bitcoin bumped back up to $30,000 and has held that level for roughly three weeks. At the end of August, Bitcoin was seen hovering above the $28,000 mark, trying to retest the resistance at $30,000.
The SEC’s delay in its decision on all Bitcoin ETF applications dampened the mood on the market. The bearish pressure extended further into mid-September and saw the BTC price breaking below the crucial psychological $25,000 mark. This was the first occurrence where Bitcoin visited this level since mid-June, when BlackRock’s spot BTC ETF filing led to a rally in BTC’s price.