- Bitcoin price support at $6,400 is still holding position, upside trend keeps losing momentum at $6,500.
- Brian Kelly says that the cryptocurrency market is more than just the ETF.
Although the downward trend has slowed down, Bitcoin price is still struggling with the resistance below $6,500. The support level at $6,400 is still holding ground as explored in the previous analysis. The buyers are pushing for higher corrections but lack a fresh catalyst to maintain the price above $6,500 let alone retrace higher towards $6,600.
Furthermore, the 50-day simple moving average on the 15-minutes chart is limiting the gains at $6,524.88. Similarly, the trendline resistance at this level is making the situation even more difficult for the bulls. Least resistance at the moment is to the downside because technical indicators applied to the same chart are sending bear signals.
There is an immediate support at $6,480. Other support areas are $6,440 and the earlier mentioned $6,400. On the flip side, buyers need to support the price above $6,500 and continue the pullback towards $6,600 (supply zone). The next supply area at $6,700 will pave the way for Bitcoin price to reclaim $7,000.
In other news, the CEO of BKCM LLC, Brian Kelly appeared on CNBC on August 7 to discuss Ethereum Classic bull rally driven by the listings on Robinhood and Coinbase. The discussion later shifted to the U.S. Securities and Exchange Commission (SEC) decision to delay the VanEck SolidX Bitcoin ETF to 30th September. Kelly said that SEC is likely to push the verdict further come September 30. He said that SEC is yet to unravel all the answers before it approves the ETF. Moreover, it is likely that the market is not ready for this move. In response to the current selloff, Kelly said that investing in digital assets is much more than the ETF and therefore selling on the account of SEC decision on ETFs is a wrong investment strategy.
BTC/USD 15’ chart
