The next major fundamental event that should provide direction to Bitcoin is the September 30 SEC decision to allow or deny the listing of the Cboe VanEck/SolidX ETF backed by Bitcoin. Given the high short interest, a more bullish-than-expected outcome could result in a significant short squeeze.
Conversely, if the outcome is bearish, the shorts could pick up momentum to trigger stop losses, further dropping Bitcoin’s price. More than $237,000,000 in BTC has already been sold short on the Bitfinex exchange.
As a result of Bitcoin’s recent stability, the larger cryptocurrency market has traded sideways over the past week. The AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens, is currently up 2.4% over the last 7 days.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.