Bitcoin Touches $60,000 Amid ETF Approval Rumors
Crypto Briefing | Oct 17, 2021 12:50AM ET
Bitcoin briefly sliced through $60,000 Saturday. The top cryptocurrency was continuing its ascent amid rumors of a potential Bitcoin futures ETF approval. While buy orders were piling up, transaction history showed that BTC could be on the path to reaching new all-time highs. Bitcoin briefly crossed $60,000 across all major exchanges Saturday morning, signaling that new record highs could be on the horizon.
The flagship cryptocurrency gained over 2,600 points in market value over several hours yesterday as speculation mounted about a potential Bitcoin futures ETF approval. The U.S. Securities and Exchange Commission’s Office of Investor Education and Advocacy investors to “weigh the potential risks and benefits” before investing in the pioneer digital asset.
Although the note refers to an 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 this coming week.
From an on-chain perspective, whales appeared to be preparing for a positive outcome. Addresses holding 100 to 100,000 BTC 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 continued to increase, IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model showed there were 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.
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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.
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