As per the reports from Coindesk, the Cboe BZX exchange’s initial plans were to propose a rule change that had the potential to create an ‘ever elusive Bitcoin exchange-traded fund (ETF.)’ VanEck and SolidX supported this proposed ETF.
On Wednesday, Cboe BZX exchange announced a withdrawal. Against expectations, the announcement could not stir the crypto market much. The Bitcoin’s prices were not affected much, neither did it compel the crypto investors to go into a headstrong selling pattern. As per the reports from Coindesk, the daily charts, ‘revealed a stagnation for the entire trading session with a small 80 dollars range bound candlestick’ which makes it clear that there was a lack of interest in the world’s largest cryptocurrency- BTC and the crypto market overall, yesterday. If we look at the total growing volume, we can see a sharp downturn for the past few weeks. The volume has especially seen a dip in the unsettled times.
Such low volume is a sign of low trust. This often results in a prolonged consolidation time and ‘sideways momentum.’ A fair example of such a scenario is the recent Bitcoin’s performance in the crypto market after it started at low volume at the beginning of this year.
Another aspect of reading the progress of any trend through the gradual movement to low interest is ‘RSI- the Relative strength Index.’ The current status is that it is stagnant at point (43.10) which is lower than the acceptable RSI resistance of 54.9. On the other hand, the momentum is also arrested by the 800 dollars price range. It has caught hold of the momentum for good thirty-six days period. It has naturally doubts about its ability to hold current price levels for a solid period. It should lead to selling off point of approximately 3k dollars as the target of the week.