Bitcoin Touches $60,000 Amid ETF Approval Rumors
Key Takeaways
Bitcoin briefly broke above $60,000 across all major cryptocurrency exchanges today.
Investors are bullish on the potential approval of the first Bitcoin ETF in the U.S.
Further buying pressure could push BTC toward $80,000.
Share this article
The top cryptocurrency is continuing its ascent amid rumors of a potential Bitcoin futures ETF approval. While buy orders are piling up, transaction history shows that BTC could be on the path to reaching new all-time highs.
Bitcoin Targets New All-Time Highs
Bitcoin briefly crossed $60,000 across all major exchanges this morning, signaling that new record highs could be on the horizon.
The flagship cryptocurrency has gained over 2,600 points in market value over the past few hours as speculation mounts about a potential Bitcoin futures ETF approval. The U.S. Securities and Exchange Commission’s Office of Investor Education and Advocacy recently encouraged investors to “weigh the potential risks and benefits” before investing in the pioneer digital asset.
Although the note refers to an investor bulletin published in mid-June, sources familiar with the matter have affirmed that the federal agency may allow a Bitcoin futures ETF to begin trading as soon as next week.
From an on-chain perspective, whales appear to be preparing for a positive outcome. Addresses holding 100 to 100,000 BTC have bought over 30,000 BTC worth roughly $1.8 billion in the last three days. Meanwhile, more than 10,000 BTC have been removed from known cryptocurrency exchange wallets within the same period.
While the buying pressure behind Bitcoin continues to increase, IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model shows there are no supply barriers ahead. The only considerable interest area sits at $63,000, where 62,000 addresses have previously purchased more than 50,000 BTC.
Due to the recent buying activity among whales, it’s possible that Bitcoin could hit a new all-time high of $80,000 after breaching the $63,000 barrier.
It is worth noting that a delay in a Bitcoin-related ETF approval in the U.S. could disappoint investors and increase selling pressure. Under such unique circumstances, the IOMAP shows that the most significant support level underneath BTC sits at $55,700. Failing to hold above this crucial demand wall could result in a steep decline toward $50,000.
Disclosure: At the time of writing, the author of this feature owned BTC and ETH.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
ARK Aims for Bitcoin Futures ETF With 21Shares
ARK Investment Management has joined forces with 21Shares in hopes of receiving approval for a Bitcoin exchange-traded fund (ETF) from the SEC. New Application Filed For BTC Futures ETF ARK…
U.S. Now Top Bitcoin Mining Hub After China Ban
Data from Cambridge Centre for Alternative Finance (CCAF) indicates that China’s contribution to Bitcoin’s global mining hashrate has completely declined. U.S. Becomes World Leader for Bitcoin Mining New research data…
How to Trade Using the Inverse Head and Shoulders Pattern
In stock or cryptocurrency trading, you may have heard of the term “inverse head and shoulders.” Also known as the “head and shoulders bottom” formation, the inverse head and shoulders chart pattern can…
Pantera CEO: Bitcoin’s Wild Volatility “A Thing of Our Pri…
Dan Morehead, the founder and CEO of Pantera Capital, has claimed that the four-year crypto price cycles that investors have grown accustomed to “are done.” In addition, he says the…
