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Following a break higher earlier in the week on fresh USD weakness, crypto prices have come back under pressure into the second half of the week. News that the SEC has delayed its decision on whether to approve a spot Bitcoin ETF, for all applicants, has fuelled uncertainty in the market and sent BTC prices lower once again.  Firms such as BlackRock will now have to wait potentially up to the full 240-day review period for the SEC to make its decision. Meanwhile, Grayscale has criticized the SEC for flat-out refusing to allow it to convert its existing Bitcoin trust into an ETF.
 

US Jobs Data Next

Looking ahead today, the next round of US labor reports will be closely watched. BTC had moved higher earlier in the week in response to weaker-than-forecast US data which reinforced the view that the Fed will likely hold off from further tightening next month. If weakness is seen in today’s data that should essentially confirm an unchanged decision from the Fed at the next meeting, sending USD trading lower near-term. Against this backdrop, BTC would typically be expected to move higher. However, given the concerns over the SEC issue, the upside might prove a little trickier to achieve. On the other hand, if USD trades higher in response to stronger-than-forecast data, this would likely weigh heavily on BTC near-term.
 

Technical Views

BTC

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The rally in BTC has failed into a retest of the broken bull trend line, price has since turned back below the 27415 level and, while below here, focus now shifts to a test of next support at the 24930 level. This is a key support area for the market and a break below would be firmly bearish, opening the way for a test of 21390 next. 

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