Trump's Truth Social Withdraws Bitcoin ETF Application from SEC

The news that Trump's Truth Social has withdrawn its Bitcoin ETF application could create short-term negative sentiment in the crypto market. This development may undermine investor confidence by weakening expectations for institutional adoption and regulatory clarity. Technically, while the RSI at 63 is approaching overbought territory, the MACD still signals a bullish trend. However, the uncertainty generated by this news could break the current upward momentum and lead to selling pressure in the short term. Therefore, the direction is bearish, with a medium level of confidence.

The news could increase regulatory uncertainty in the cryptocurrency market, putting pressure on COIN stock. Technically, while the price is attempting to hold just above the 20-day moving average, the RSI in neutral territory and the MACD trading negatively below the signal line confirm weak momentum. The 11.5% decline in the last 24 hours suggests selling pressure may continue. In the short term, a break below the $190 support level could accelerate the decline.

The news creates a negative signal for MSTR, an asset linked to Bitcoin. Technical indicators already point to a weak condition: RSI at 36.7 is near oversold territory, MACD is below zero and below its signal line, and the price is below both the 20-day and 50-day moving averages. The 14% decline in the last 24 hours indicates continued selling pressure. In the short term, the downtrend is expected to persist, though some buying on oversold conditions is possible.