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Bitcoin Price Knocks On $60,000 Amidst Growing Rumors Of BTC Futures ETF Approval By The US SEC

BTC/USD price chart


  • Bitcoin price makes a comeback above $59,000, closing in on $60,000 now more than ever since the recovery started in July.
  • A BTC Futures ETH is likely to debut in the market following expected approval by the US regulator.

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

BTC/USD price chart by Tradingview

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

Trend: Bullish

Volatility: Growing

Support: $58,000 and $55,000

Resistance: 60,000

 

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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