The Bitcoin (BTC) price exhibited a positive reaction after digital asset investment manager Grayscale Investments secured a pivotal victory against the U.S. Securities and Exchange Commission (SEC). Following a reconsideration of the initial proposal by the SEC, an appeals court rejected the decision to halt the conversion of Grayscale’s Bitcoin Trust product into an Exchange-Traded Fund (ETF).

The Anticipation for the First Spot Bitcoin ETF Approval

Crypto participants worldwide, both in the U.S. and beyond, continue to hold their breath awaiting the approval of the first spot Bitcoin ETF by the SEC. ETFs play a crucial role in the mainstream adoption of cryptocurrencies, enabling traditional investors to engage in essential digital assets without the need for direct ownership. Despite Grayscale’s triumph, the path to an approved spot ETF remains uncertain, and the final decision on seven proposals, which is anticipated within a week, lies in the hands of the SEC.

On September 1st, Bitwise, an investment firm, will learn the fate of their spot BTC ETF proposal. Industry giants like BlackRock, VanEck, Fidelity, Invesco, and WisdomTree are all awaiting the SEC’s ruling. Similarly, Valkyrie is in anticipation of a response from the SEC on their application by September 4th. Meanwhile, the BTC price, having consolidated its losses around $26,000 and converged with key support at $25,000, rallied toward $30,000 following the appeals court’s decision.

BTC’s Testing of Resistance and Indicator Strengthening

The premier cryptocurrency tested the $28,000 resistance, reinforced by two indicators: the 50-day Exponential Moving Average (EMA) (red) and the 100-day EMA (blue). Although it witnessed a 5.2% surge to $27,460, Bitcoin corrected from its weekly peak of $28,280.

Investors who heed the call to establish new positions above $30,000 in BTC, should it break, will likely find the path of least resistance upwards. The Moving Average Convergence Divergence (MACD) indicator, endorsing a buying signal, bolsters the bullish outlook. Investors following this momentum indicator typically initiate buy positions when the blue MACD line crosses above the red signal line.

Forecast for Bitcoin’s September Performance

For those who might have missed the sudden climb from $26,000 to $28,230, waiting for confirmation of a breakthrough above the approximately $28,000 confluence resistance might be prudent. Such a move would ensure the necessary momentum for Bitcoin to exceed the $30,000 threshold.

Considering the fragility of the market structure, investors should also prepare for a reasonable correction down to $26,000, and potentially even to $25,000. Moreover, September might not be a smooth sailing month for BTC price, particularly if the U.S. Federal Reserve tightens its grip on persisting inflation and raises interest rates once again.

Furthermore, there exists the possibility of the SEC collectively approving the ETF proposals or deferring the decision to a later date. The former could considerably buoy the BTC price, whereas the latter might keep the market in a depressive state, potentially opening the door to losses down to $20,000. provides information about cryptocurrencies for educational purposes only. We are not financial advisors, and the content on this website should not be considered investment advice. Cryptocurrency markets are volatile, and investing carries risks. Always consult a professional before making financial decisions. Your investments are your responsibility.

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