- Cryptocurrency prices continued to slide lower on Friday as the realization that there is unlikely to be any movement on the spot Bitcoin exchange-traded fund front until at least October. The delay has led many to exit the market amid increasing weakness.
Data provided by TradingView shows that Bitcoin bears managed to overwhelm bull support at $26,000 near midday, pounding the top crypto to a daily low of $25,315 in the afternoon and looking to push it even lower as the weekend approaches.“September Bitcoin futures prices [were] near steady in early U.S. trading Friday, after posting sharp losses Thursday,” according to Kitco senior technical analyst Jim Wyckoff.“Bears have gained momentum and strength late this week,” Wyckoff said.
He said that while they accepted the risks involved with trading, such as taking a trading loss, the infrastructure risk added too much uncertainty. “Many think that the approval of a spot Bitcoin ETF would ignite investors' animal spirit, but that would just bring an easier way for investors to access Bitcoin instead of a still cumbersome process,” he said. “It may generate some interest in the short term, but if institutional investors don’t embrace the asset class again, the Bitcoin-ETF-induced effect may not last long.”
Poppe noted that the last time Bitcoin saw a green September was in 2016. Since then, the top crypto has lost between five and eight percent during the month. “That would automatically mean we'll be seeing Bitcoin drop to $23-24K ,” he said.