Bitcoin futures data hints at $22K as the next logical step
BTC derivatives flipped bearish after Bitcoin failed to establish bullish momentum despite the heightened spot ETF prospects. A Bitcoin (BTC) price correction down to $22,000 is becoming increasingly likely as BTC derivatives have begun to exhibit bearish tendencies. The price chart of Bitcoin leaves little doubt that investor sentiment worsened after the much-hyped victory by Grayscale Asset Manager against the U.S. Securities and Exchange Commission (SEC) on Aug. 29 and the postponement of multiple spot BTC exchange-traded fund (ETF) requests by the SEC. The central question remains whether the prospects of an ETF can outweigh the growing risks. Spot Bitcoin ETF hype is fading By Aug. 18, the entire 19% rally that occurred following BlackRock ETF initial filing had fully retracted as Bitcoin moved back to $26,000. Next, there was a failed attempt to reclaim the $28,000 support as investors raised the odds of an ETF approval following the positive news on Grayscale Bitcoin Trust (GB...