- According to Michaël van de Poppe, Bitcoin does not show strength.
- Van de Poppe noted that Bitcoin’s upward momentum is ending at $27,000.
- Crypto Rover believes all Bitcoin Spot ETFs could be approved this Friday.
According to Michaël van de Poppe, founder of MN Trading, the current Bitcoin chart setup does not show strength. In a recent post on X (formerly Twitter), Van de Poppe noted that Bitcoin’s upward momentum is ending at $27,000. He expects Bitcoin’s price to drop lower before establishing another reversal.
Van de Poppe shared a screen capture image that showed the Bitcoin price dropping below the $27,000 support level. At the time of his post, Bitcoin had traded for $26,781, marking its lowest price since the beginning of October. Bitcoin’s loss of momentum coincides with the U.S. CPI data release date, and Van de Poppe thinks the expected data could affect the Bitcoin market when released.
Another factor that could play a significant role in the Bitcoin price direction is the anticipated Bitcoin ETF spot approvals. Crypto Rover, a famous YouTuber focusing on cryptocurrency, believes all Bitcoin Spot ETFs could be approved this Friday. The crypto influencer based his prediction on the court’s deadline given to the U.S. Securities and Exchange Commission (SEC) in its case vs. Grayscale.
Crypto Rover noted that Friday marks the deadline for the SEC to appeal the Grayscale Bitcoin spot ETF decision. According to him, if the SEC does not do so, they will be forced to approve all other Bitcoin spot ETF applications.
He said:
If the SEC doesn’t appeal by the end of Friday, we are essentially guaranteed to see all the spot ETFs approved.
On August 29, the Court of Appeals of the District of Columbia Circuit ruled in favor of Grayscale, granting a petition to vacate the SEC’s denial of its spot ETF application. According to the ruling, the SEC has already approved similar Bitcoin Futures ETFs in the past, failing to treat cases alike.
The Grayscale ruling marked a landmark victory for the crypto industry. Moreover, most crypto practitioners believe the ETF approvals could happen soon and could be the catalyst to trigger the next Bitcoin bull run.
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