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BTC Knocks $60K Following Bitcoin Futures ETF Approval Rumors

  • Bitcoin has its price exploring levels past $59,000, closely nearing the $60,000 level.
  • Market players highly expect the US SEC to approve Bitcoin Futures exchange-traded funds soon.

Bitcoin continues to excite crypto enthusiasts with its gradual and persistent moves, aiming to retest its ATH at around $65,000. Though analysts believed the retracement towards $55,000 in mid-week to be healthy, holders and market players appeared not threatened, maintaining an upswing attitude.

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While publishing this content, the largest digital currency trades on new October swing highs beyond $59,000. That way, BTC seems ready to overpower the $60,000 before entering its final phase to challenge its record peaks.

The Awaited BTC Futures ETF

Bloomberg reports suggest that the US Securities and Exchange Commission might approve the first Bitcoin futures exchange-traded funds in the coming days. The report highlighted that the US regulator is unlikely to prevent the ETFs from trading next week.

Meanwhile, the Securities regulator posted a cautionary message on Twitter before Bloomberg revealed its anticipation statement. SEC warned crypto fans interested in funds with BTC features, urging them to evaluate the related benefits and risks before investing their money.

Moreover, investors need to beware of the difference between BTC futures ETFs and BTC ETFs. The former is futures contracts proponent filed using the mutual funds’ regulations.

For now, recognized figures and investors such as Anthony Pompaliano trusts that introduction of Bitcoin futures ETFs will catalyze the already exploding BTC price.

While writing this article, Bitcoin trades at $59,601 as bulls put the psychological level at $60,000 into clear focus. Analysts believe that the move will put Bitcoin in its last round towards testing its all-time highs.

However, market players expect the coin to extend its rising leg beyond $65,000, bullish predictors believing that BTC will hit $100,000 before we end this year.

BTC/USD Daily Price Chart

Keep in mind that the daily price chart paints a massive bullish structure for the leading digital coin. Indicators such as the Moving Average Convergence Divergence and the Relative Strength Index suggest increased buying activities. For now, Bitcoin’s road without many obstacles is the upward one.

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Intraday Levels

  • Sport rate – $59,392
  • Trend – bullish
  • Volatility – increasing
  • Support – $58,000, then $55,000
  • Resistance – $60,000