18th Oct 2021 | ZebPay Trade-Desk

Bitcoin(BTC) has finally recaptured the $60,000 mark for the first time since its high during mid-April. The humongous surge in price is mostly caused by various news and documents pointing to the approval of a futures-based BTC ETF by the US Securities and Exchange Commission. As per these documents, the application of listing Valkyrie’s Bitcoin Strategy exchange-traded fund ETF on NASDAQ has been green-lighted by the regulators. This rumor has caused traders to accumulate the asset aggressively before the ETF announcement.

Bitcoin is witnessing a massive rally as the prices have surged almost by 54% from $40,750 to $62,910 in just eighteen days. Bulls are making it large as the prices have breached the psychological level of $60k convincingly. Technically, on a daily time frame, BTC is consolidating and is trying to make a ‘Flag ‘ pattern (continuous bullish pattern). The asset can face resistance at the crucial level of $64,899 (an all-time high). If the bulls manage to push the price above the resistance with good volumes then we can expect the asset to further rally.

Key Levels:

Support 2
Support 1
Resistance 1
Resistance 2

Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions rdor conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum etc.are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.

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