Bitcoin (BTC) has run into some turbulence over the past 24 hours and is now down around 2.4% after failing to break out substantially above the $8,000 level.
While it’s difficult to determine where Bitcoin is headed in the short-term, at least two traders at the New York Mercantile Exchange (NYMEX) and CME Group (CME) believe it needs to test the $7,000 level before moving back up.
“I think it consolidates a little bit … I think consolidation for this market is very healthy,” Stutland stated, adding that he believes that a drop off in volume in recent trading further proves his thesis.
As we previously reported, on Monday, the SEC again delayed its decision on whether to allow a proposed rule change that would enable the VanEck SolidX Bitcoin Trust exchange-traded fund (ETF) to issue and list its shares.
Despite the underwhelming outcome, Bitcoin largely brushed off the news as investor focus appears to have moved on from the ETF narrative.
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.