No one knew for sure that the SEC was going to delay their decision again, but a delay means they are taking the decision seriously.

The SEC's decision to delay has caused people to panic sell for some reason irrationally. People Bitcoin was $20,000 without a ETF, with it we will likely hit $30,000 or more. Bitcoin has show it can defend the $6,000 floor several times now and even with this bad news it did not break the bottom. Hopefully we get a favorable decision on the ETF this September but they can continue to delay all the way until Feb 2019, I hope it does not comes to that but that is the longest they can delay. Some are saying Bitcoin can hit $5,800 on the short term, I do not think we will breach $6,000 for more than a minute or so at best but I am not a psychic. No matter the case if they delay it just means this bear market will continue, if they approve we go into super bull mode, its just a matter of when. Now if we get rejected, then the bear market get long. If the ETF is disapproved then we need to wait until some other good news catalyst to come along that is positive enough to spark the bull run, again fingers crossed on ETF approval.

Here is a video from DataDash where he talks on the same subject, enjoy:

I am not a financial advisor and this is not financial advice, invest at your own risk