Digital Currency Revolution Series: Rift Between BTC/USD Bullish Engulfing and Hanging Man as SEC Defers ETF Decision

Bitcoin has been spiking higher from the last couple of weeks, surges from the lows of $3,405.30 levels to the recent highs of $8,352.30 after surpassing $6,150 levels (at Bitfinex). 

Technically, after BTCUSD has bottomed out at $3,215.20 levels, consequently, bullish engulfing pattern occurred at $4,071.70 levels, ever since then renewed buying momentum is seen in this pair. 

Yesterday, the bullish engulfing pattern has occurred at $8,188 levels on weekend series, hanging man has countered at $7,990.60 levels.

The US SEC has again deferred their decision on the permission of a proposed rule change that may enable the VanEck SolidX Bitcoin Trust exchange-traded fund (ETF) to issue and list its shares.

In addition, the SEC has set in a new deadline as August 19, however, there have been expectations of yet another delay pushing things to the final deadline of October 18,  learned as the attorney Jake Chervinsky emphasized in a recent tweet.

As a result, the pair is currently, trading at around $7,889 levels which is almost more than 78% so far (i.e. 28.64% in April and 58% in May month series).

Ever since then the occurrence of engulfing pattern, the pair kept spiking higher constantly with intensified buying momentum, it has now gone above 21-DMAs Thereby, the pair hits the psychological price levels of the $5.25k mark. Followed by, the majority of the crypto fraternity experienced the middling performance with a few select altcoin markets surging strongly. 

To substantiate this bullish sentiment, all technical indicators are in line with the price upswings.

Both RSI and Stochastic curves show upward convergence but show little overbought pressures to the prevailing swings.

While lagging indicators (MACD on daily and monthly terms) show bullish crossovers, that also signals uptrend to prolong further in the weeks to come.

So, what’s been driving the Bitcoin’s abrupt rallies, couple of analysts and shrewd speculators have advised numerous catalysts involving short squeezes.

On the back of these bullish price sentiments, the pioneer cryptocurrency (Bitcoin) and its counterparts sensed eye-catchy market-capitalization growth in the recent past.

Currency Strength Index: FxWirePro's hourly BTC is flashing 51, while the hourly USD spot index was at 119 (bullish) while articulating (at 06:14 GMT). 

For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex