Bitcoin’s lock-step trading is becoming more or less mundane. The inability to lift above $40,000 appears to be exhausting buyers. On the other hand, most attention is directed toward defending support at $37,000.
Meanwhile, the flagship cryptocurrency trades slightly above $38,000. The primary goal is to support the 50 Simple Moving Average (SMA) on the four-hour chart. However, there is a high chance that this immediate anchor will not hold in the short term, paving the way for losses beneath $38,000.
A couple of United States-based companies, Fidelity and SkyBridge, have filed applications seeking approval for Bitcoin exchange-traded funds (ETFs). A filing on May 25 confirms the application from Fidelity Investment which intends to debut an investment product referred to as Wise Origin Bitcoin Trust.
Fidelity began the process in March and aimed to have the product trade on Cboe’s BZX exchange. Similarly, SkyBridge Capital completed a separate filing on May 21 with a product dubbed First Trust SkyBridge Bitcoin ETF Trust likely to trade on the New York Stock Exchange.
Bitcoin’s short-term technical outlook shows signs of the bearish pressure taking a toll on the bulls in the coming sessions. The picture comes after the rejection of $40,000. Besides, the Relative Strength Index (RSI) emphasizes the bearish building momentum as it retraces toward the midline.
The downtrend will become more apparent if the Moving Average Convergence Divergence (MACD) returns to the negative region. Overhead pressure would be accentuated by the MACD line (blue) crossing under the signal line. Support is anticipated between $37,000 and $36,000, but if broken, BTC could tumble towards $30,000
Spot rate: $38,178
Trend: Bearish
Volatility: Expanding
Support $37,000 and $35,000
Resistance: $40,000
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