BITCOIN MARKET UPDATE :
Bitcoin current Price:6377 $
Bitcoin 24 hour high was 6395 $
Bitcoin has recover 2.12 % in value,
Bitcoin shows good supports at this point from last 24 hours. but it fall from this support the it will good support on 5700 $.
but i don't think it will go under 5700 $. but before BITCOIN ETF APPROVAL whales will try to push it down. bitcoin bounce many times from this area,forming a strong support and second reason of mining costs of bitcoin as mining cost 5500 $ on an average. so it should not go less than production value.
BITCOIN ETF APPROVAL :
Lets discus about the Bitcoin ETF approval , it is major booster or i can say catalyst for bitcoin price to rally, On 10 th August SEC will decide Bitcoin ETF should be approved or not so before that whales are taking advantages of small players making them panic sell by doing manipulation at prices to load their bags more, last year also SEC approved BITCOIN futures making the price rally from 3k $ to 19k $. it can revers the trend of BITCOIN.
SEC chairman Jay Clayton clear view about the cryptocurrency and bitcoin. He mainly focused on SECURITY. I think BITCOIN future still not clear.But fingers crossed. one things for sure.....BTC is mysterious thing to do.
what is your thoughts about the SEC Bitcoin ETF Approval guys, comment below....
