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.
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