Fxequity

Bitcoin (BTC/USD) Surges Again to Multi-Month Highs on Renewed ETF Chatter


Bitcoin Chart

Bitcoin (BTC/USD) Costs, Charts, and Evaluation

  • Bitcoin futures ETF – when not if?
  • Bitcoin all-time excessive more likely to be examined quickly.

Discuss of a futures-based Bitcoin ETF has been swirling round the marketplace for months however current commentary means that the SEC could quickly approve not less than one if not two functions as early as subsequent week. Current studies counsel that two ETF proposals by ProShares and Invesco could also be given the inexperienced gentle subsequent Tuesday to launch their merchandise, though the SEC can nonetheless pull the plug by Monday night. If one or each of those ETFs launch subsequent week, the opposite functions within the SEC’s in-tray will must be checked out as a matter of urgency to attempt to dampen down first-mover benefit. Whereas many imagine that the current transfer greater in Bitcoin has been in anticipation of an ETF announcement, the underlying money market will proceed to be underpinned, and pushed greater, by demand for futures. The current all-time excessive at just below $65okay is more likely to come beneath growing strain within the close to time period as demand outstrips restricted provide.

Bitcoin (BTC/USD) Breaks $60k on Growing Futures-Based ETF Expectations

The crypto market as a complete continues to broaden and is nearing its greatestever stage as a sequence of upper highs continues to dominate the chart during the last month. As with Bitcoin, the all-time excessive market cap is more likely to fall quickly, particularly if the ETF story performs out.

Cryptocurrency Whole Market Capitalization – October 15, 2021

Bitcoin (BTC/USD) Surges Back to Multi-Month Highs on Renewed ETF Chatter

Now we have been bullish on Bitcoin over the previous few weeks, not simply on the overwhelmingly constructive sentiment within the house, but additionally as a result of a bullish technical chart set-up. The every day chart reveals a basic escape of a bullish pennant at the beginning of October, whereas the current uptrend has supplied tradeable assist and resistance ranges during the last 10 days. Added to this a bullish easy shifting common set-up, with the 20-day sma turning sharply greater, whereas the CCI indicator has not touched excessive overbought ranges. Because it stands, there’s little in the best way of technical resistance earlier than we hit April’s all-time excessive and this may occasionally even occur forward of Tuesday’s ETF announcement if the market continues at its present tempo.

Bitcoin Day by day Value Chart – October 15, 2021

Bitcoin (BTC/USD) Surges Back to Multi-Month Highs on Renewed ETF Chatter

Ethereum is one other crypto with a constructive chart set-up, confirmed by a break and open above a previous horizontal resistance stage. Whereas Bitcoin leads the present march greater, Ethereum is more likely to come again into the highlight quickly and check its prior excessive.

Ethereum (ETH) Primed to Break Higher as Resistance Comes Under Renewed Pressure

Ethereum Day by day Value Chart – October 15, 2021

Ethereum Chart

What’s your view on Bitcoin (BTC) – bullish or bearish?? You’ll be able to tell us by way of the shape on the finish of this piece or you’ll be able to contact the writer by way of Twitter @nickcawley1.





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *