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However, the Fed will have another round of nonfarm payrolls and inflation numbers to consider before the September FOMC meeting. A deterioration in labor market conditions, weaker wage growth, and softer inflation numbers would give the doves more voice.
BTC recovered from a dip to a session low of $25,849 but failed to track the NASDAQ Composite Index into positive territory.
Crypto Headwinds Deliver Another Bearish Session
BTC fell for the tenth session out of eleven on Friday. Crypto headwinds remained a drag on Friday, with uncertainty about the future of the ETF spot market a focal point.
There were no updates from the SEC about its plans for the BTC-Spot ETF applications. Investors are betting on the SEC pushing back the decision until next year, delaying an anticipated influx of sticky institutional money.
While the SEC appears unwilling to hit the approve button for one, some, or all of the BTC-Spot ETF applications, the Courts are also taking a measured approach toward BTC-Spot ETFs.
The Appellate Courts have continued to push back a ruling in a case that has been ongoing since 2022. Grayscale is in Court appealing the SEC decision to deny the request to convert Grayscale’s Bitcoin Trust into a BTC-spot exchange-traded fund (ETF).
The Saturday Session: A Day of Reflection
There are unlikely to be SEC v Ripple, Coinbase (COIN), and Binance case-related updates to influence.
Investors should monitor the crypto news wires for events that can move the dial. US lawmaker comments on regulation, SEC activity, and speculation about the ongoing SEC cases will draw interest.
However, bitcoin-Spot ETF-related news will likely have more impact. Reports of the SEC opening more applications to the public for comments would weigh on investor appetite.
Bitcoin (BTC) Price Actions
Daily Chart
The Daily Chart showed BTC below the $26,850 – $27,500 resistance band. After the Friday decline, BTC retreated from the 50-day and 200-day EMAs, sending bearish near and longer-term price signals.
Looking at the 14-Daily RSI, the 24.71 continued to show BTC in oversold territory. The RSI aligns with the EMAs supporting a return to sub-$26,000 to bring the $25,650 – $25,340 support band into play. However, a BTC return to $26,500 would signal a BTC move through the lower level of the $26,850 – $27,500 resistance band.
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