The publication of a report on the approval of the Bitcoin Strategy ETF to go public on Nasdaq may have contributed to that increase. After exceeding USD 60,000, the value of Bitcoin only needs to exceed the previous all-time high, which will not be difficult at all.
The jump in the price of Bitcoin above USD 60,000 has been creating quite a stir in the cryptocurrency market. The pioneering cryptocurrency is trading at around USD 61,340 and has accumulated an 11.2% profit in the past week.
There has been an optimistic fundamental scenario with low BTC reserves on exchanges and increasing buying pressure. However, now there is another factor that is fueling the bullish sentiment of the crypto asset.
That element is the publication of a report announcing the approval of the Bitcoin Strategy ETF to go public on Nasdaq. According to that document, crypto asset manager Valkyrie hopes to be able to offer such a service.
The vice president of listing qualifications at Nasdaq, Eun Ah Choi, stated that the stock exchange certified the shares of that ETF.
If all of that is true, a Bitcoin ETF would soon be going public. That would allow different investment funds to access the cryptocurrency, thus complying with the regulatory framework.
The SEC is reviewing about 40 submissions of those types of products that it has received. According to Bloomberg, it is very likely that the government agency will approve one of them next week.
Technical Analysis of the Price of Bitcoin after Exceeding USD 60,000
Several analysts have predicted the recovery that the price of the pioneering cryptocurrency is experiencing. Although it is impossible to make exact predictions, price action leaves signals while the fundamentals generate volatility.
Currently, it is crucial to review what will most likely happen in the next few days. In this sense, the daily chart shows an increasing succession of lows and highs, indicating a short-term upward trend.
Although momentum under development seems widespread, there are no signs of exhaustion, suggesting more gains in the next few hours.
After exceeding USD 60,000, the price of Bitcoin only needs to break the previous all-time high. The current behavior of the cryptocurrency reveals that it will not be difficult at all.
The price of Bitcoin price must lose support at USD 55,750 for a relevant correction to begin.
The Ground is Clear for the Price of Bitcoin to Hit New Highs
The weekly candlestick chart indicates that the value of the pioneering cryptocurrency just broke through resistance at USD 58,352.
Now that the price of Bitcoin is above USD 60,000, the next goal is to reach a new all-time high. The reason for this is that previous resistance is hardly relevant.
The price of the first cryptocurrency on the market is about to enter uncharted territory. When that happens, it is usually possible to see a lot of volatility, which is why Bitcoin seems to be moving quite far from the current point.
Repeatedly, Bitcoin has managed to rebound from sharp drops to its highest levels. It’s only a matter of time before the pioneering cryptocurrency is back above its latest all-time high of USD 64,642.
By Alexander Salazar
