The pair is sensing a stiff trendline resistance at 1128 as the leading oscillators have reached overbought zone and a decisive breach above would likely drag rallies swiftly up to the recent highs of 1139.89. Bitcoin has considerably spiked by around $150 over the last week, rising from $975.10 (from the lows of 13th February to the current $1,123 earlier today.

On a broader perspective, the major uptrend seems to be intact as the both RSI and stochastic indicate healthy bullish momentum despite short-term hiccups, if bulls manage to break above 1128 levels, then it would shoot up to the recent highs of 1163 levels. MACD also substantiate this bullish stance.

Fundamentally, the digital currency is under the scanner of SEC (securities Exchange Commission) for the approvals of ETF trading.

Winklevoss Capital Management LLC, launched the Winklevoss Investment Trust, the first proposed bitcoin ETF more than three years ago. Consequently, as a matter of regulatory framework, the trust had filed to trade on the BATS exchange rather than on the New York Stock Exchange (NYSE) in last June of 2016. Two other bitcoin ETFs, the Bitcoin Investment Trust, and the SolidX Bitcoin Trust have also filed with the SEC to be listed on the NYSE and would also give ordinary investors more access to bitcoin investing.

Should the Securities and Exchange Commission (SEC) approve the Winklevoss bitcoin ETFs on March 11, a huge speculative rush on bitcoin is expected

It’s not the first-time regulatory decisions by US authorities have gathered unprecedented levels of interest. The Senate hearing in 2013 had everyone’s attention. CFTC’s hearing on bitcoin – remember “Crypto Cloony”? – had most live views ever.

Yuan’s fall might be one reason as it has weakened over the past four days, but the price premium on western exchanges suggests the main reason appears to be the looming ETF decision.

The bitcoin market has recently been buzzing in relation with the inspecting and regulatory actions by the central bank of China, but with that settling to apparently the setting up of a new regulatory framework, the market might now be trying to price in the ETF decision.

Just in case SEC sends the green signals of approval, it would be the first of its kind, with the asset, too, utterly unique as the digital currency does not associate with anything else – not gold, not stocks.