New Bitcoin ETF hopes wait on BTC’s swift rally above $40,000

New Bitcoin ETF hopes wait on BTC’s swift rally above $40,000

Hopes of an eventual BTC ETF approval and the rebound of a key aid level pushed Bitcoin tag successfully above the $40,000 level, nonetheless can the bulls aid the latest volume?

Crypto investors are seeing gains in Ether (ETH) and Bitcoin (BTC) on Aug. 5 after the successful begin of Ethereum’s London onerous fork and a chain of glossy Bitcoin alternate-traded fund filings, resulting in a rally that propelled BTC’s tag 9% elevated and prompted Ether to construct 11.75%, which pushed the altcoin closer to the elusive $3,000 level.

Data from Cointelegraph Markets Pro and TradingView reveals that after an early morning sell-off that saw BTC tumble to $37,280, the bulls stepped in, and the ensuing excessive volume spike despatched BTC tag to an intraday excessive of $40,775.

BTC/USDT 4-hour chart. Source: TradingView

Recent feedback from United States Securities and Change Commission Chair Gary Gesler about the viability of a Bitcoin ETF were followed by several glossy ETF applications being filed on Aug. 5, and investors are hopeful that the probability of approval has elevated.

SEC chairman acknowledged he’d be extra begin to a #Bitcoin ETF if it turned into in step with futures.

24hrs later, each and each Invesco and ProShares possess filed Futures-based #Bitcoin ETFs.


— Bitcoin Archive (@BTC_Archive) August 5, 2021

Relating to the latest bullish tag circulation, analyst Will Clemente posted the following chart to illustrate BTC’s past efficiency and opined that “This would be a key level ($54k and rising) to await confirmation/rejection (2013 vs. 2017 reaction).”

Prime/bottom fashions for Bitcoin. Source: Glassnode

Clemente added:

“In my learn about, this could be a key level ($54Okay & rising) to await confirmation/rejection. (2013 vs. 2017 reaction)”

The final cryptocurrency market cap now stands at $1.662 trillion, and Bitcoin’s dominance fee is 45.6%.

The views and opinions expressed here are fully these of the creator and enact no longer essentially judge the views of Every investment and trading switch entails threat, it’s major to gentle conduct your dangle analysis when making a resolution.

Related posts

Bitwise pulls the chase on Bitcoin Futures ETF: Here is what’s subsequent

The Crypto News

German banking big Commerzbank applies for crypto license

The Crypto News

Everyrealm and Storyverse Partner to Win Interactive Stories for NFT Communities

The Crypto News

Leave a Comment

Or Login with

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More