As reported by financial media, the US Securities and Exchange Commission (SEC) will review its decisions to reject nine applications for ETF investment funds.

On Wednesday, the SEC rejected a total of nine applications for the introduction of bitcoin-based ETFs to the market, claiming that these products do not meet the requirements set out in the Exchange Act, in particular, the requirement that stock exchange regulations should be developed to prevent fraudulent and manipulative activities and practitioners.

Shortly after, the SEC published letters in which, after the delegation of power to act on the proposals, it expressed its intention to review the decision. The lists, however, do not specify the date of making a decision or what the review entails.

ETFs are transferable securities that track an index, commodity or basket of assets that are proportionally represented in the fund's shares. ETFs are constantly experiencing price changes because they are bought or sold on the stock exchange.

Last month, the SEC rejected the request for the ETF Winklevoss ETF funded by Bats BZX Exchange, Inc. The first application was rejected by the SEC in March 2017 because of the 'largely unregulated nature of the Bitcoin markets'.

A day later, Commissioner Hester M. Peirce published a statement on official opposition to the refusal to accept the application for the Winklevoss fund. Peirce argued that the SEC made a big mistake in making the last decision and that the agency exceeded its "limited role" when it focused on the characteristics of the Bitcoin base market, not the derivative. She suggested that the rejection of the application would probably inhibit the institutionalization of the Bitcoin market.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market is trading above the weekly pivot at the level of $6,588 and now the next target for bulls is seen at the level o f$6,873. The nearest technical resistance is seen at the level of $6,782 and the nearest resistance at the level of $6,514. Please notice the blue trend line support that still provides the support for bulls, so the bias remains to the upside.