Bingbon Chart

Source: TradingView& Bingbon

Bitcoin price rocketed to $40,550 at Bingbon. BTC’s rally to $40,000 was a continuation of a short squeeze after the breakout on July 25. Data shows that BTC is pulling back to $37,000. Bulls look to flip the $38,800 resistance zone back to support in preparation for a further move higher. But for now, the downward trend doesn’t seem to be over. If Bitcoin falls further to the $35,000 support level, traders need to see how solid this position is. If it falls below that level, bulls will temporarily lose control of the market.

Today’s Headline

Wall Street giant Goldman Sachs entered into the DeFi circle by filing its “Innovate DeFi and Blockchain Equity ETF,” according to a US Securities and Exchange Commission filing yesterday. The markets Goldman plans to cover first would be  Australia, Canada, France, Germany, Hong Kong, Japan, South Korea, Switzerland, the Netherlands, the United Kingdom and the United States. The exchange-traded fund aims to invest at least 80% of its assets in securities included in its underlying index. The SEC is currently reviewing over a dozen Bitcoin ETF applications. It has delayed decisions on several of them. Both VanEck and WisdomTree have submitted Ethereum ETFs, but Goldman’s application seems to be the first DeFi-related ETF application.