Bitcoin Has Been Quietly Bullish Since $5700

[coin111s]

Bitcoin has been making higher lows since hitting $5754 (Bitfinex USD/BTC) on June 24th and first to $5877 on August 14th (Bitfinex USD/BTC) then on September 8th at $6118 (Bitfinex USD/BTC).

After failing to gather enough selling momentum to decisively break below $6000 it's looking like the market is in waiting mode for SEC to decide on the fate of a Bitcoin ETF.

How likely is SEC to green-light an ETF, let me know your opinions.

https://i.imgur.com/HIf0iNE.jpg

[1714943437]

1714943437

[1714943437]

1714943437

[gold1112]

The longer we go with out a lower low is a good thing is what I’m getting at I guess.. and the lower high is only $7400, we can break that

[dohh]

Bitcoin has been making higher lows since hitting $5754 (Bitfinex USD/BTC) on June 24th and first to $5877 on August 14th (Bitfinex USD/BTC) then on September 8th at $6118 (Bitfinex USD/BTC).

After failing to gather enough selling momentum to decisively break below $6000 it's looking like the market is in waiting mode for SEC to decide on the fate of a Bitcoin ETF.

How likely is SEC to green-light an ETF, let me know your opinions.

Your "argument" is bullshitish.

[BitCoinDream]

As of this date, Bitcoin's YoY return is 60%.

Verify @ https://www.coinbase.com/charts

[Sandus_Cryptolover]

Bitcoin has been making higher lows since hitting $5754 (Bitfinex USD/BTC) on June 24th and first to $5877 on August 14th (Bitfinex USD/BTC) then on September 8th at $6118 (Bitfinex USD/BTC).

After failing to gather enough selling momentum to decisively break below $6000 it's looking like the market is in waiting mode for SEC to decide on the fate of a Bitcoin ETF.

How likely is SEC to green-light an ETF, let me know your opinions.

If for anything, I like the slow and steady movement of bitcoin at the current moment than a massive bull run or otherwise. Most investors aren't that bothered with the ETF and SEC situation at the moment, which I know we are not relying on it to.enjoy the benefits of Bitcoin.

[Olayinka225]

I think it might stay and be fluctuating within that price a little while, but after a while when it has overcome that then we should be expecting a very bearish market soon a good one I mean.

[solarsun]

it definitely has reached a bottom.  We have been steady bumping along this level for what feels like forever.  I believe they will pass the ETF which will spark the rally.  They brought it down here to accumulate tokens and coins.  They will raise back up to unload on the lambo boys.

[gabbie2010]

The support at $5700 is very strong analysis of the daily timeframe of btc/usd shows that the price has been having a bounce at the support at several occasions without a break through I hope that a final retouch could triggers a massive bullish runs although price volatility and momentum has not been massive from my point of observation.

[Getcoinsite]

it definitely has reached a bottom.  We have been steady bumping along this level for what feels like forever.  I believe they will pass the ETF which will spark the rally.  They brought it down here to accumulate tokens and coins.  They will raise back up to unload on the lambo boys.

We still waiting for bottom price dude there will be a huge dump before finding ways to bullish market (hopefully will happen this year) what i am seeing here is people are relying on ETF’s approval when the truth is market is sustainable and capable with or without ETF so let’s not look into that instead make our obligation to keep the market strong

And would you guys please stop waiting for that approval of ETF because were only being dependent when the truth is we’re re not.

[pooya87]

this would have been true if you were talking about something else other than bitcoin or if these numbers were significantly different. otherwise there is not much of a difference between: $5754 and $5877 and even $6000. but maybe not $6118.
the reason is that the market is still small, a large dump, a wave of panic sell,... can easily push the price lower than reality. for example if price were exactly $6000 right now 1 person could push it down to $5800 so there needs to be a bigger room when talking about these types of price at the critical support or resistances. and $200 difference or 3% is negligible. 

[Juggy777]

Bitcoin has been making higher lows since hitting $5754 (Bitfinex USD/BTC) on June 24th and first to $5877 on August 14th (Bitfinex USD/BTC) then on September 8th at $6118 (Bitfinex USD/BTC).

After failing to gather enough selling momentum to decisively break below $6000 it's looking like the market is in waiting mode for SEC to decide on the fate of a Bitcoin ETF.

How likely is SEC to green-light an ETF, let me know your opinions.

If I recollect correctly Bitcoins touched 7k in this period, bitcoins etf is just one of the news that's effecting the prices currently. The major factors are panic selling, fud in the market and lower sentiments however I'm sure all this will improve in months to come. Now as far Sec is concerned 3 out of 5 members are in favour of Bitcoins Etf, however they have clarified there is no fixed date when when it'll be approved, so we'll have to be patient.

[dothebeats]

Unfortunately, that's what not most people look at. Most people in the bitcoin community nowadays look for the higher highs than the higher lows. Personally, I think a higher baseline on things is what actually makes every push possible and changes the overall sentiment of the market. If we continuously break the lows of every period, we are actually heading towards disaster since the price can't hold itself every time it dips. For the ETFs, since Trump expressed his 'approval' on the matter, it might or might not help ETF presenters gain the votes they needed but nevertheless, it's still a good try.

[Kemarit]

Bitcoin has been making higher lows since hitting $5754 (Bitfinex USD/BTC) on June 24th and first to $5877 on August 14th (Bitfinex USD/BTC) then on September 8th at $6118 (Bitfinex USD/BTC).

Well, there's some popular belief that bitcoin will go hover above $6000 because some theory suggest that its the "reasonable" price or the average cost of mining in 2018. So in order for miners to get their incentives, price shouldn't go below $6000. We have seen the price below $6000 defended several times, so its unlikely to go down.

Its only a theory though and I'm not saying its true.

After failing to gather enough selling momentum to decisively break below $6000 it's looking like the market is in waiting mode for SEC to decide on the fate of a Bitcoin ETF.

How likely is SEC to green-light an ETF, let me know your opinions.

ETF or not, bitcoin will thrive in the market, This SEC news has made a lot of players, nervous, but whales and day trader takes advantage and going to milk this whole Bitcoin ETF approval/denial to the last drop.

[kzozenberg]

If the SEC gives the ETF the go-ahead, of course we'll see good growth, but even if it's not approved, bitcoin will be able to recover ! I think that bitcoin all the mountains on the shoulder, he did not stop at anything.

[carlisle1]

Bitcoin has been making higher lows since hitting $5754 (Bitfinex USD/BTC) on June 24th and first to $5877 on August 14th (Bitfinex USD/BTC) then on September 8th at $6118 (Bitfinex USD/BTC).

After failing to gather enough selling momentum to decisively break below $6000 it's looking like the market is in waiting mode for SEC to decide on the fate of a Bitcoin ETF.

How likely is SEC to green-light an ETF, let me know your opinions.

But still not enough to bring us good profit,so its useless bullish anyways

I am not into that ETF acceptance because my stand is cryptocurrency will progress even if we dont have SECs approval

But yes ot may greenlight the market but yet its making the whole community divided from bitcoin and altcoin supporters

[Gozie51]

I see a strong resistance between $6,300 and because of the steady and slow movement, price have been around there for a week. This will not be easy to be broken and if that happens, I should think that the bullish have been confirmed.

[bobo012]

I dont think that sec will endorse ETF now in september. It will definetely come one day, but that day is long infront of us. We dont need etf as bitcoin was not created to comply with legacy system.

[bitcoindusts]

First off, i think a bullish season could never be quiet. It's impossible for the general community not to notice should bitcoin be bullish. It will surely create noise.

Secondly, regarding the most awaited ETF by many, it's not that Bitcoin won't gain its momentum without it but it will surely help boost the market in a shorter period of time since an approved bitcoin etf will signal more trust and confidence among investors.

Third, yes, we will soon see an US SEC approved bitcoin etf. They already acknowledge bitcoin's value but is just concerned on security and the possibility of price manipulation. Should any Bitcoin ETF proposals tackle this major concern of SEC, then a Bitcoin ETF will definitely be approved.

[BitcoinNewbie15]

I see a strong resistance between $6,300 and because of the steady and slow movement, price have been around there for a week. This will not be easy to be broken and if that happens, I should think that the bullish have been confirmed.

There is a strong resistance at $6000 in general. The price have bounced off of that range 5 or 6 times now over this last year. There is a ton of buy support at these levels. I think it's safe to say that the bottom has been found, as there would be no reason for the price to keep drifting further downwards. The price has already corrected 70% - 80% from it's 2017 high, and this is usually how big the Bitcoin corrections are after a bubble. We should be at the bottome right now, and as long as we don't break the support, I think it's safe to say we will be in a bull market very soon.

[Omegasun]

I see a strong resistance between $6,300 and because of the steady and slow movement, price have been around there for a week. This will not be easy to be broken and if that happens, I should think that the bullish have been confirmed.

There is a strong resistance at $6000 in general. The price have bounced off of that range 5 or 6 times now over this last year. There is a ton of buy support at these levels. I think it's safe to say that the bottom has been found, as there would be no reason for the price to keep drifting further downwards. The price has already corrected 70% - 80% from it's 2017 high, and this is usually how big the Bitcoin corrections are after a bubble. We should be at the bottome right now, and as long as we don't break the support, I think it's safe to say we will be in a bull market very soon.

Bitcoin price seems to be in a close constant amount since we will never know what news or FUD will come out that can help the market to recover or to gain much value at this time being.

[rodalutor]

I see a strong resistance between $6,300 and because of the steady and slow movement, price have been around there for a week. This will not be easy to be broken and if that happens, I should think that the bullish have been confirmed.

Breaking 6300 is no indication of any bullishness. The fact there is resistance at that level should confirm we are still in a bearish period. We keep seeing lower highs and lows so negativity is still on the cards although the momentum seems to have slowed.

[buwaytress]

I do see the higher lows, everyone does, but six weeks is really not that much of a yardstick, and it's barely three months since the year's low in June, so I don't think we can say for sure we're not going to retest those depressions of 5.5k. Any drastic sell off, with sustained volumes, at this level? 6k would break easily and then 5.5 is only the next floor. Breaking that would probably trigger another wall of orders, then we're back to groping in the dark.

Why Bitcoin ETF though? Haven't we already given up on that?

[Harlot]

How can you call something bullish if it still is on just one support level up from the 5,700$ level. If you look at it in a bigger picture we are in the deeper end of a bearish chart and there is no need to sugarcoat it with a lie. A 500$ difference is no match for the value loss by BTC overtime, I may have to consider my words once it goes back up the 9,000$ level again which can confirm that we are now out of the triangle.

[rodalutor]

I do see the higher lows, everyone does, but six weeks is really not that much of a yardstick, and it's barely three months since the year's low in June, so I don't think we can say for sure we're not going to retest those depressions of 5.5k. Any drastic sell off, with sustained volumes, at this level? 6k would break easily and then 5.5 is only the next floor. Breaking that would probably trigger another wall of orders, then we're back to groping in the dark.

Why Bitcoin ETF though? Haven't we already given up on that?

People won't give up on ETF's as long as they think it's going to be the answer to the market downtrend and cause the good times to return. What most fail to realize is that the market can be in a downtrend just as easily with or without an ETF. It will have little or no bearing on significant price trends in my opinion.

[sunanbonang]

how much impact does the ETF have on the price of bitcoin?
yesterday the SEC rejected 7 bitcoin ETF applications and the price of bitcoin immediately dropped sharply, but not long ago bitcoin prices rose again. this proves that ETF do not have a major effect on the price of bitcoin.

[trako]

accurately determined. but in 2017 there was a steady rise. and $ 19,000. market rose very fast. and there was an expectation in humans. it was now compared with bitcoin 19k. therefore, the fixed exchange on the bitcoin usually doesn't attract anyone's attention.
bitcoin should be at a minimum of $ 9,000 to get us to the point where we started. ethereum should be traded at $ 700. if there was a movement towards this level, we could say that the bull season began.

[mike4001_]

As of this date, Bitcoin's YoY return is 60%.

Verify @ https://www.coinbase.com/charts

Wait for December ... :-/

[figmentofmyass]

I do see the higher lows, everyone does, but six weeks is really not that much of a yardstick, and it's barely three months since the year's low in June, so I don't think we can say for sure we're not going to retest those depressions of 5.5k. Any drastic sell off, with sustained volumes, at this level? 6k would break easily and then 5.5 is only the next floor. Breaking that would probably trigger another wall of orders, then we're back to groping in the dark.

i'd love for price to actually drop to new lows, then reverse up on gigantic volume. that would be a huge reversal signal. the little fakeout yesterday didn't put things to the test yet. just more blueballs. we're still holding onto this tiny range, so i'm prepared for anything.

i would definitely prefer a break to the upside because it would be so much more obvious and easier to trade. i have a nagging suspicion that a dip below $6000 will get bought again, so i'm really hesitant to short until a downtrend is established again.

[magneto]

Bitcoin has been making higher lows since hitting $5754 (Bitfinex USD/BTC) on June 24th and first to $5877 on August 14th (Bitfinex USD/BTC) then on September 8th at $6118 (Bitfinex USD/BTC).

After failing to gather enough selling momentum to decisively break below $6000 it's looking like the market is in waiting mode for SEC to decide on the fate of a Bitcoin ETF.

How likely is SEC to green-light an ETF, let me know your opinions.

I wouldn't say that bitcoin has been "quietly bullish".

Markets are still overall pretty bearish with the dominant sentiment being exactly that. Bullish prospects including the prospect of a trend reversal at the moment is still extremely unlikely.

I believe prices are either going to stabilize at this level for a few more months, or more likely, have a dip down to the $5k zone as it finally bottoms before the recovery comes. ETF isn't likely to get approved at all, and even if it does, it would only provide a short term rally to the market in my opinion.

[bitcoindusts]

I see a strong resistance between $6,300 and because of the steady and slow movement, price have been around there for a week. This will not be easy to be broken and if that happens, I should think that the bullish have been confirmed.

Breaking 6300 is no indication of any bullishness. The fact there is resistance at that level should confirm we are still in a bearish period. We keep seeing lower highs and lows so negativity is still on the cards although the momentum seems to have slowed.

Yes, you are right. Breaking a little over $6K is no indicator of a bullish season. It would take more than that to declare that the bull started running. And a good indicator are altcoins on the rise too. Once bitcoin goes bullish, it will surely make the whole crypto economy go wild too.

[timerland]

Bitcoin has been making higher lows since hitting $5754 (Bitfinex USD/BTC) on June 24th and first to $5877 on August 14th (Bitfinex USD/BTC) then on September 8th at $6118 (Bitfinex USD/BTC).

After failing to gather enough selling momentum to decisively break below $6000 it's looking like the market is in waiting mode for SEC to decide on the fate of a Bitcoin ETF.

How likely is SEC to green-light an ETF, let me know your opinions.

Seems like prices actually benefited from the SEC's postponement on the CBOE ETF. I don't really understand why, but it sure seems like markets are reacting to that news quite positively actually, even though it means they're waiting for another few months for the decision.

Prices are probably not going to be going into bullish territory. With this period of stability after the correction came a few weeks ago, I think that there is a possibility that we may see pumps to $7-8k.

However, just like markets have acted before, it's likely that prices won't come close to breaking the psychological barrier of $10k while we're still in the bear market. We'd still have to wait until at least the second half of 2019 in my opinion, based on historical bear market timeframes to see any real developments in the upward direction that would come to anything close to last year's bull market, imho.

[STT]

The longer we go with out a lower low is a good thing is what I’m getting at I guess.. and the lower high is only $7400, we can break that

I did see someone draw alot of positives from higher lowers, which is a rising base to the action.     Its not a bad conclusion to form but also I think it needs confirmation before assuming we go upwards.  Often situations take a while to develp pressure in either direction, this would relate to closing of short position and generally the market realising we are accumulating price positively.

Obviously the trend since 2017 has been negative generally.   I drew in the line and as a trend it matches highs of about a year ago Sept 2017 but I imagine this is a thing over months hence I used weekly bars

[btc78]

Bitcoin has been making higher lows since hitting $5754 (Bitfinex USD/BTC) on June 24th and first to $5877 on August 14th (Bitfinex USD/BTC) then on September 8th at $6118 (Bitfinex USD/BTC).

After failing to gather enough selling momentum to decisively break below $6000 it's looking like the market is in waiting mode for SEC to decide on the fate of a Bitcoin ETF.

How likely is SEC to green-light an ETF, let me know your opinions.

Damn ETF fanatic would you please stop that stupid issue its a pain in the ass when most of the topic talking about that shit when the truth is how many failure we have got from this

Bitcoin is not bullish because it cant even go to $7,000 this is still a dry market and we have nothing to be thankful..let us just start to accept this market flow and the value as well

[justspare]

Breaking 6300 is no indication of any bullishness. The fact there is resistance at that level should confirm we are still in a bearish period. We keep seeing lower highs and lows so negativity is still on the cards although the momentum seems to have slowed.

As long as we are even still inside the wedge for bitcoin I would say there is nothing to be bullish about at the moment. I hope this would not be like a repetition of 2014 where bitcoin would move sideways for a while before going back lower, and within this period, the altcoins will be making some ATH statement on their charts. I guess at this stage, only time can tell how things would pan out. I would be more bullish on bitcoin if we are able to break $7k at this point and stay above it for a while.

Breaking a little over $6K is no indicator of a bullish season. It would take more than that to declare that the bull started running. And a good indicator are altcoins on the rise too. Once bitcoin goes bullish, it will surely make the whole crypto economy go wild too.

The thing with a market is that things are not bullish until you have a clear signal of bullishness which in this case of bitcoin, the fact that we are still inside a falling wedge, which is usually considered bullish anyway when you break out from, but still inside, the market is still as bearish as ever. Sure, we have seen some pretty good bounce lately in the $6k region, but how far we go is only going to be known with time, and let's even close above $7000 before we start considering anything.

[nidacoinlove]

Bitcoin has been making higher lows since hitting $5754 (Bitfinex USD/BTC) on June 24th and first to $5877 on August 14th (Bitfinex USD/BTC) then on September 8th at $6118 (Bitfinex USD/BTC).

After failing to gather enough selling momentum to decisively break below $6000 it's looking like the market is in waiting mode for SEC to decide on the fate of a Bitcoin ETF.

How likely is SEC to green-light an ETF, let me know your opinions.

I wouldn't say that bitcoin has been "quietly bullish".

Markets are still overall pretty bearish with the dominant sentiment being exactly that. Bullish prospects including the prospect of a trend reversal at the moment is still extremely unlikely.

Yes I believe that we still need more time to go to a bullish trend. An increase for a day or two around 2%-3% doesn't mean that the bears are out of run. It's good to be optimistic about the crypto market but it's far better to realize the actual situation of market. We could term it bullish only when the market tern into green for a minimum of one week.

   
I believe prices are either going to stabilize at this level for a few more months, or more likely, have a dip down to the $5k zone as it finally bottoms before the recovery comes. ETF isn't likely to get approved at all, and even if it does, it would only provide a short term rally to the market in my opinion.

ETF stuff is already over, it is final that Bitcoin is not going to enter into it. I don't think that ETF would have been a great effect on the demand and the price of the Bitcoin. It may have a benefit for a selected group of people but on a vast scale, the crypto enthusiasts may not have saw a benefit of it.