Share this article
Bitcoin Price Defends Key Support Despite ETF Rejections
Bitcoin's defense of the key support at $6,230 despite bad news has left the doors open for a rally to recent highs above $6,800.
Updated Sep 13, 2021, 8:18 a.m. Published Aug 23, 2018, 11:00 a.m.
Bitcoin is teasing a minor rally today, having defended key support at $6,230 despite a string of bad news.
At press time, the leading cryptocurrency is changing hands at $6,400 on Bitfinex – down 3 percent on a 24-hour basis. Meanwhile, 94 out of the top 100 cryptocurrencies by market capitalization are flashing red, according to CoinMarketCap.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The risk-off tone in the cryptocurrency markets is likely associated with the US Securities Exchange Commission's (SEC) rejection of several proposals for bitcoin exchange-traded funds (ETFs) on Wednesday.
Further, it was reported earlier today that China, one of the biggest sources of demand for cryptocurrencies, is planning to block access to more than 100 overseas crypto exchanges.
Still, BTC has avoided a break below the rising trendline and is holding well above the support at $6,230 (Aug. 20 low), as seen in the chart below, forcing us to consider the possibility of a rally.
4-hour chart
The chart also shows the 50-candle and 100-candle moving averages (MAs) are beginning to rise in favor of the bulls. So, it seems safe to say that the path of least resistance is to the upside. Only a UTC close below $6,230 would weaken the bull case.
That said, the probability of a break below $6,230 is low, as the SEC ruling has not caught the market off guard – that is, the investor community was likely expecting the commission to deliver bad news after its previous ETF rejection in July.
Following that, the bitcoin price crashed more than 30 percent in the three weeks to Aug. 14, indicating the market was pricing in yesterday's negative news in advance.
View
- BTC could remain well bid above $6,230 (Aug. 20 low) in the next 24 hours. That would pave the way for a sustained rise towards $7,000 in the short-term.
- If the support at $6,230 is breached, then the bears may push the cryptocurrency down to the recent low of $5,859.
- A UTC close below $5,755 (June low) would signal a resumption of the long-run bear market and would open the doors to $5,000 (psychological support).
Disclosure: The author holds no cryptocurrency assets at the time of writing.
Bitcoin image via Shutterstock; Charts by Trading View
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
Top Stories
