Coindesk analysis: Bitcoin price is optimistic, and the bullish trend continues to increase

According to Coindesk analysis, the probability of a bullish Bitcoin (BTC) has risen in the past 24 hours. Despite the ETF rejection, BTC is still well above the key support level of $6,230 (August 20 low), indicating that the market has digested the bad news. The SEC's decision to re-evaluate the rejected nine Bitcoin ETFs may demoralize short sellers and trigger the unwinding of short positions. It is worth noting that Bitcoin/USD shorts are hovering near the all-time high of April 12. Therefore, the risk of a significant short-covering rally exists.