Greetings! Today, I will be going over the current state of Bitcoin and the potential price outcomes moving forward.

Today's Move

Today, it was announced that the SEC delayed the ETF applications for three financial institutions. This wasn't surprising, seeing as they did the same for the other ETF applications. Fortunately, however, this didn't cause any kind of big reaction in terms of price action.

While the ETF application news was rather neutral, unfortunately we just entered one of the most bearish months of Bitcoin. This precedent was immediately followed by a small dump down to 25.5k - 26k levels. This is indicating the start of a slow bleed (Accompanied by the drop below the 200 EMA) down to 24-23k resistance. Furthermore, the RSI is back below the bearish trend line, meaning that until a break occurs, we should still be more bearish than bullish (Despite the bullish cross on the MACD)

On top of that, the price itself hasn't shown signs of a reversal yet and rather is representative of the RSI (Which is forming a bearish divergence (Lower lows and lower highs)). Additionally, the rejection from above the 200 EMA proved that the price is still respecting the descending channel.

Based on this information, I think the following three scenarios are likely to occur (Within then next few months):

1: Fakeout towards 23k before re-rallying in October.

2: Sideways range between 24k - 27k before re-rallying during October (What I believe would most likely happen)

3: Drop to 20k - 23k before re-rallying in 2024 (Due to ETFs most likely getting approved + the Bitcoin halving)