Bitcoin (BTC) Struggling To Break Above $4,000 But Showing Great Prospect In The Short-term And Long-term

Cryptocurrency Market Stabilises After Rapid Bullish Hike

The last couple of days have seen the market make a very bold move. Beginning on Sunday, the market has been able to climb from a little over $122 billion to what is at the time of press over $135 billion.

The market’s movement has been truly remarkable bringing renewed optimism around the short term prospect of many cryptocurrencies. Leading the new wave of green is the crypto leader- Bitcoin. The last couple of days have seen the leader climb from a little over $3,600 to hit a high of $4,000.

Despite testing the position several times, Bitcoin has been unable to find a support position above it. Given the current positive momentum around the market, it is likely that the coin will attempt another bull run that ensures it a position above the $4K position and possibly record a high resistance level.

At the time of press, Bitcoin is trading for $3,983 marking a 1.54% gain in the last 24 hours. The bulls are currently not short of positive news. As we have reported in the last couple of hours, billionaire Elon Musk has praised Bitcoin calling it better than paper money.

Tim Draper, yet another billionaire has been talking up bitcoin as well, stating that the coin will be everywhere in two years, and if so, prices will be soaring and hitting new highs. In addition to these, the last couple of days have seen co-founder of Ethereum, Vitalik Buterin disclosing his non-ETH holdings, of which included Bitcoin.

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Vitalik has followed the advice of Charlie Lee who has previously stated that one must own at least one Bitcoin before buying any altcoin. With a little bit more persistent from the bulls and more positive news around bitcoin, the coin is assured of a stable position above $4K in the short-term.

SEC Set To Review Bitcoin ETFs For The First Time In 2019

Last year saw the SEC review several Bitcoin ETF proposals and although many experts were optimistic that one would be approved, all of them were rejected. Now, for the first time in 2019, the SEC is set to review two proposals in the coming days. This comes just weeks after an SEC official stated that she believed that a Bitcoin ETF approval was inevitable.

Within the next two months, the SEC will be expected to make an initial decision on the proposals filed by Bitwise Asset Management with NYSE Arca and the VanEck/SolidX proposal filed with Cboe. In the last couple of months, the ecosystem has developed and matured with big players like Fidelity moving in. This could finally influence the SEC to approve the first Bitcoin ETF, a decision that holds the power to influence prices greatly in the long-term.