BTC Doesn't Break $30K Price Level, What's Going On?

<p>&nbsp;Several reports surfaced on Monday stating that the United States Securities and Exchange Commission has finally approved a spot Bitcoin ETF.</p><p><br /></p><p>While uncertainty surrounding the news continued, BTC price responded with an immediate increase to around $30,000.</p><p><br /></p><p>While the SEC has approved several futures-based BTC ETFs, the securities authority has delayed and rejected every spot ETF application for nearly a decade.</p><p><br /></p><p>Hopes rose earlier this year after the world's largest asset manager – BlackRock presented such a project.</p><p><br /></p><p><br /></p><p>However, the SEC delayed making a final decision on BlackRock's application, as well as several other sectors. On Monday, October 16, news has spread from several sources that the Commission has finally approved such a product for the people of the United States.</p><p><br /></p><p>The price of the cryptocurrency BTC has responded with an immediate increase. It has risen to $28,000, as previously reported, which was then driven by sentiment around the approval. As a result, bitcoin surged to its highest price level in more than two months, nearly hitting $30,000. However, BTC is back around $28K as this news is yet to be confirmed.</p><p><br /></p><p>Recently several media outlets have given their views on this matter, denying the speculation. BlackRock was among the first to do so, and a company spokesperson reportedly said that the proposed iShares BTC spot ETF is still under review.</p><p><br /></p><p>This somewhat catalyzed the price of the cryptocurrency BTC from falling further and returning to around $28,000.</p>