Bitcoin price continues to compress in a narrow range near $25,700
(Kitco News) - The crypto market started the week flat following the long holiday weekend as the Securities and Exchange Commission’s (SEC) decision to delay ruling on seven separate spot Bitcoin (BTC) exchange-traded funds (ETF) led to a plunge in momentum, leaving traders with little to be excited about in the near future.
Stocks trended lower after the latest economic data from China showed that the world’s second-largest economy continues to struggle, with the country’s services activity in August falling to its lowest level in eight months. At the market close, the S&P, Dow, and Nasdaq all finished lower, down 0.42%, 0.56%, and 0.08%, respectively.
Data provided by TradingView shows that Bitcoin’s price continues to compress, trading in a narrow range between $25,555 and $25,888 on Tuesday, prompting analysts to warn that a breakout is imminent, though which direction is a matter of intense debate.
BTC/USD Chart by TradingView