• Bitcoin faced another setback in its pursuit of a spot ETF approval.
• BTC may lend itself to sell pressure, but it was experiencing exchange outflows at press time.

Multiple Bitcoin ETF applications in June triggered bullish sentiments in the market. This is because ETFs are a gateway to institutional demand. However, that hope might be short-lived.

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U.S regulator SEC previously shot down past Bitcoin [BTC] ETF applications and the markets reacted negatively. Recent reports suggest that the recent applications might suffer the same fate. The U.S. regulator has reportedly returned documents filed by Fidelity and BlackRock, stating that the documents were insufficient and lacked clarity.

The news of the SEC returning the documents has already had a negative impact on the price in the last 24 hours. Bitcoin fell from over $31,000 to below $30,000 briefly. It has since recovered slightly and exchanged hands at $30,474 at the time of writing.

Meanwhile, the MFI indicator shows that Bitcoin is already experiencing some liquidity outflows. The timing is also notable because sell pressure is making a comeback at a previously tested resistance level. But, is this the start of the next wave of sell pressure, or will the bulls regain control?

Bitcoin at risk of losing som
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Author: Michael Nderitu

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