Back to Square One for Bitcoin Price

The week began on a high note for Bitcoin, with prices surging and optimism in the air. This rise seemed to be a direct response to the positive news from Grayscale's victory concerning a Bitcoin ETF. However, the resistance at the $28,000 price level proved too strong, halting any further ascent. As of now, the upbeat momentum from the Grayscale news has completely fizzled out, sending Bitcoin right back to where it started.

A Glimpse at Bitcoin's Last Seven Days

Over the past week, Bitcoin's journey clearly shows how the Grayscale news triggered an upswing, only to return to its initial state. The current BTC price on the crypto exchange Bybit stands at $26,020.

Overnight News: Hopes for ETF Dashed

While Grayscale's victory initially bolstered Bitcoin's price and sentiment among investors, a later announcement by the U.S. regulator threw cold water on the enthusiasm. The Securities and Exchange Commission (SEC) has postponed the Bitcoin ETF applications of major players like BlackRock, Fidelity, Bitwise, VanEck, WisdomTree, Invesco, and Valkyrie at least until October.

An ETF could have been a boon for Bitcoin, paving the way for institutional investors to step in. But it seems the crypto community will have to remain patient.

Key Dates for BTC Traders

To round things up, let's glance at the significant economic data set to be released today, predominantly from the world's largest economy, the United States. This data can potentially influence Bitcoin's price. For instance, any signs of vulnerability in the U.S. economy might fuel further uncertainty. Stay alert for the following announcements:

Today's Key Data (NL Time):

- U.S. Unemployment Figures for August

- U.S. ISM Manufacturing Purchasing Managers' Index (PMI) for August

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