Bitcoin, Ethereum, Dogecoin Maintain Positive Momentum Amid SEC's Cathie Wood ETF Decision Delay: Analyst Says King Crypto's Range Expected To Widen In Summer

Major coins were seen in the green at the time of writing as the global cryptocurrency market cap rose nearly 0.5% to $1.17 trillion.

What Happened: Bitcoin continued to trade below the psychologically important $30,000 level on Monday evening. Ethereum and Dogecoin were seen in positive territory.

On Monday, the cryptocurrency news cycle was dominated by the return of FTX founder Sam Bankman-Fried to jail after a federal judge decided to revoke his bail.

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Analyst Takes: Edward Moya, a senior market analyst with OANDA said, "Bitcoin remains anchored around the $29,000 level as the SEC delays their decision on Cathie Wood's Bitcoin ETF."

"Crypto bulls were hopeful a decision was imminent but now it seems we might have to wait several weeks or months as the regulatory agency is seeking public comment," said Moya, in a note seen by Benzinga.

"Bitcoin's range might widen for the rest of the summer, potentially testing as low as $28,500 and as high as the $32,000 level."

Cryptocurrency trader Michaël van de Poppe noted that there was still no "party" for Bitcoin. 

However, the Amsterdam-based analyst noted that the apex coin's "dominance is still copypasting the previous cycle." He said that this indicates that there is a likelihood of "topping out relatively soon."

Market intelligence platform Santiment noted that the trader sentiment towards Cardano, the eighth-largest coin by market cap at the time of writing, continues to be "low." The platform noted that the coin's market cap had shrunk 35% since topping 4 months ago. 

"The sharks & whales haven’t been as deterred as one may think. There are now 25,294  wallets with 100K+ $ADA, the most in 16 months," said Santiment on X, formerly Twitter.

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