Bitcoin’s price is heading straight for its April ATH at $ 64,850. Crossing this technical level would only be a matter of days. After 15 days, the price of bitcoin would have gained more than $ 20,000. This is, in fact, his best monthly performance over the year. Should we expect a correction or a continuation of the uptrend.
Experts were not mistaken about the forecast of a bull market for the month of October. The current price of bitcoin ($ 61,564) was up 7.73% intraday. It even climbed to $ 62,950 on Coinbase or roughly under $ 1,900 to hit its ATH. Driven by the excitement of traders for the approval of a bitcoin ETF, the price of bitcoin is exploding.
Bitcoin: Thanks to the launch of ETF products
It was considered to be one of the factors that should propel the price of bitcoin upwards. Looking forward to traders, the shadow of approval has created a positive effect on the value of BTC. On the 15th day, the Nasdaq Stock Exchange certified the registration for the listing of an ETF product from Valkyrie. The SEC should soon accept it. The US securities authority has until October 25 to approve Valkyrie’s app.
As for the ProShares Bitcoin Strategy ETF, it is indeed approved by the SEC. The Bloomberg analyst confirmed the news in a twitter post:
It is done ! Bloomberg’s data team is in the process of adding the ProShares Bitcoin Strategy ETF to the terminal. The ticker will be $ BITO. 95 bps – less than half of the 2% $ GBTC charge. This stuff will be live next week. Either Monday or Tuesday.
Bitcoin ETFs will drive adoption and investor exposure to bitcoin on a larger scale. Nate Geraci, chairman of ETFStore told Coindesk newspaper that ETF approval is a step forward from cryptocurrency to the traditional finance industry.
$ 60,000: The weekly close to test new highs
Source: @Rekt Capital / Twitter
For Rekt Capital, it is important that the price of bitcoin ends the week below $ 60,000 in order to be able to confirm a breakout towards a new bullish pattern. On the chart side, the basic signals are promising.
First, the daily MACD line crosses the signal line with an upward wedge. The RSI stands at 72 reflecting the huge stance taken on bitcoin over the past few hours. Both long and short term moving averages are being overtaken by the current price of bitcoin.
So bitcoin should soon hit its multi-year ATH. Will he enter a period of correction after this long rally in October? According to analyst Techdev, a new cycle of bitcoin growth has just started. $ 60,000 is the cycle floor which goes up to $ 300,000.
1 Suppliers with your criteria
114 New users today
For € 1000 You get
0.0190BTC
What we like
- Cryptos & Crypto CFDs
- Secured Funds
- Free Crypto Wallet
Costs
Security
Selection of currencies
114 New users today
For € 1000 You get
0.0190 BTC
67% of retail investor accounts lose money when trading CFDs with this provider.