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Bitcoin, Ethereum Technical Analysis: BTC Higher, as SEC's Gensler Says Around 10 ETFs Are Being Reviewed

Bitcoin edged slightly higher on Thursday, following comments from the Chair of the U.S. Securities and Exchange Commission (SEC), Gary Gensler. Gensler said the commission was currently reviewing eight to ten applications from firms looking to launch a bitcoin exchange-traded-fund (ETF).

Bitcoin

Bitcoin snapped a two-day losing streak on Thursday, as markets reacted to comments on spot bitcoin ETFs from SEC Chair Gensler.

BTC/USD peaked at $28,566.75 on the news, following a low of $28,174.25 during Wednesday’s session.

Today’s move comes as bitcoin bulls pushed price back above a recent floor at the $28,200 level.


BTC/USD – Daily Chart

Looking at the chart, the bounce comes as the 14-day relative strength index (RSI) jumped at a support point of its own at 63.00.

Currently, the index is tracking at 64.35, which is marginally below the next point of resistance at 65.00.

In order for bullish momentum to intensify, this ceiling will first need to be broken in the coming hours or days.

Ethereum

Ethereum (ETH) on the other hand, fell for a third straight session, as the cryptocurrency collided with a long-term floor.

After hitting a high at $1,580.26 on Wednesday, ETH/USD plunged to an intraday low of $1,543.59 earlier today.

The move saw the world’s second largest cryptocurrency close in on a support point at the $1,540 mark.


ETH/USD – Daily Chart

This comes as the 10-day (red) moving average continued to trend lower, and extend its downward cross with the 25-day (blue) trend line.

The last time bears forced a breakout below the aforementioned floor, ethereum went on to fall to a seven-month low.