Bitcoin Price Knocks On $60,000 Amidst Growing Rumors Of BTC Futures ETF Approval By The US SEC
Bitcoin continues to excite investors with its gradual but consistent quest for the all-time highs near $65,000. The bellwether cryptocurrency’s retreat to $55,000 mid this week did not scare holders and enthusiasts, with most analysts believing it to be a healthy pullback.
At the time of writing, the flagship cryptocurrency has gained ground to new October highs above $59,000. It is only a matter of time before Bitcoin soars past $60,000 and starting the final phase of the push to the record highs.
Bitcoin Futures ETF On The Periphery
According to a report seen on Bloomberg, the Securities and Exchange Commission (SEC) in the US is expected to make the first approval for a Bitcoin futures exchange-traded fund (ETF). The report outlined that the SEC “isn’t likely to block the products from starting to trade next week,” while citing persons privy to the matter.
Intriguingly, the regulator had before the above report published a cautionary statement on its Twitter account saying, “Before investing in a fund that holds Bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits.”
Investors should be aware of the difference between a Bitcoin ETF and a Bitcoin Futures ETF. The latter is a proponent of the futures contracts and filed within the existing mutual fund rules.
Meanwhile, investors and renowned figures in the industry like Anthony Pompliano believe that the entrance of a Bitcoin ETF would be a catalyst to an already explosive situation.
Bitcoin has returned to trading above $59,000 at the time of writing. The next rendezvous for the bulls is above $60,000, a move believed to be the final piece of the puzzle as BTC reclaims all-time highs.
Nonetheless, the party is not expected to end at $65,000, with speculation looking toward $100,000 by the end of 2021.
BTC/USD Daily Chart
Realize that the general technical picture based on the daily chart is sturdily bullish. Indexes like the MACD and the RSI affirm the bulls’ presence and growing influence. Hence, the slightest resistance is likely to remain upward.
Bitcoin Intraday Levels
Spot rate: $59,392
Support: $58,000 and $55,000