After Bitcoin Price Breakout, Pending ETF Decision May Cap Gains

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Bitcoin’s (BTC) jump to a 15-day high is encouraging, but caution ahead of the US Securities Exchange Commission’s (SEC’s) decision on bitcoin exchange-traded funds (ETFs) could limit further gains in the cryptocurrency. The leading cryptocurrency rose to $6,899 on Bitfinex earlier today – the highest level since Aug. 7 – and is accompanied by a 10 percent drop in the BTC/USD shorts, adding credence to our assessment that BTC has been mimicking the price action observed in the run-up to a major rally that occurred on April 12. More importantly, BTC’s convincing move above $6,600 marks an upside break of the narrowing price range and signals continuation of the rally from the Aug. 14 low of $5,859. So, it seems safe to say the doors have been opened for $7,000 (psychological hurdle). However, it is going to be an uphill task for bitcoin as the investors may adopt a cautious stance ahead