Will Bitcoin (BTC) Break Crucial $25000 Support?

• Bitcoin (BTC) price struggles between $25,500 to $26,000 range.
• Bitcoin declined by 2% in the last 24 hours.

The world’s leading cryptocurrency, Bitcoin (BTC), is navigating turbulent waters as it grapples with a series of setbacks, causing concern among traders and investors alike. Enthusiasm surrounding the swift approval of SEC’s spot Bitcoin ETFs has dwindled, and the Bitcoin value hovers precariously below the $26,000 mark, raising questions about its future trajectory.

Bitcoin’s recent price struggles have seen it slip below the $26,000 threshold, erasing gains made when it briefly surged past $28,000 following Grayscale’s legal victory against the SEC. The situation took a further dip over the weekend, with prices sinking below $25,500. This downturn coincided with the SEC’s decision to postpone its ruling on several Spot Bitcoin ETF applications. While optimists anticipate approvals by year-end, buoyed by Grayscale’s success, skeptics warn of potential new reasons for the SEC to deny these applications.

Also, JPMorgan, a prominent financial institution, appears to downplay the significance of SEC approval, as Bitcoin continues to trade below $26,000 with no clear catalysts on the horizon. 

Bitcoin (BTC) Current Market Status 

The prevailing sentiment suggests that further declines are more likely, with the possibility of a drop to $25,000 if the ETF situation does not materialize as expected. At the time of writing, Bitcoin is trading at $25,868, with a 24-hour trading volume of $9 billion. BTC’s price has dipped by 2% in the past 24 hours.

Technical analysis reveals that Bitcoin’s price is currently positioned below both the 50-day and 200-day moving averages (MAs). Additionally, the Relative Strength Index (RSI) stands in an oversold zone at 39.58. Notably, the 50-day MA is approaching the 200-day MA, a potential signal of market instability that further adds to the uncertainty surrounding Bitcoin’s future.

The current landscape paints a precarious picture: a bearish scenario could potentially drive Bitcoin below $20,000, while a bullish reversal might see it regain the $26,000 mark.