The BTCUSD pair has tumbled below key support after the US Securities and Exchange Commission delayed a major decision on a Bitcoin ETF until September. The recent decline in the BTCUSD pair means that the world’s number one cryptocurrency has now erased July’s trading gains. Bitcoin is likely to come under heavy selling pressure while price trades below the key $6,730 level.
The BTCUSD pair is strongly bearish while trading below the $6,730 level, key technical support is located at the $6,250 and $5,700 levels.
If the BTCUSD pair moves above the $6,730 level, the price may correct back towards the $6,838 and $6,990 resistance levels.
