The recent delay in the SEC’s decision on spot Bitcoin ETF applications has caused Bitcoin and most altcoins to give back their recent gains. The volatility of Bitcoin has increased, with the price initially soaring after Grayscale’s victory over the SEC but then dropping on the news of the delay. Bloomberg ETF analysts remain optimistic about the possibility of ETFs being approved in 2023. September has historically favored bears in the cryptocurrency market, and Bitcoin has seen negative returns in September for the past six years. The weakness in Bitcoin is also affecting major altcoins, which are approaching strong support levels.
– Bitcoin and altcoins have given back their recent gains after the SEC delayed its decision on spot Bitcoin ETF applications.
– Bitcoin’s volatility has increased, and September historically favors bears in the market.
– Bloomberg ETF analysts are optimistic about the approval of ETFs in 2023.
– Major altcoins are approaching strong support levels.
– The market trend will depend on whether bears can sustain the price below key support levels or if bulls can defend and push prices higher.