Jump to content
The Twitter Feeds are now back on the Platform ×

Bitcoin (BTC/USD) Breaks $60k on Growing Futures-Based ETF Expectations


Recommended Posts

BITCOIN (BTC/USD) PRICES, CHARTS, AND ANALYSIS:

  • Bitcoin (BTC/USD) is back at multi-month highs on ETF chatter.
  • A new all-time high is on the cards.

Bitcoin Shocktober Continues To Outperform Altcoins En Masse

 

The past few weeks we have regularly mentioned that the SEC is likely to look kindly upon the few Bitcoin futures-based ETFs applications in its pending tray, especially after SEC chair Gary Gensler’s positive commentary over the last two months. At a conference a few weeks ago, Mr. Gensler noted that the 1940 law provides significant investor protection for both mutual funds and ETFs. Bitcoin monthly futures are traded on the CME and are cash-settled. Turnover and open interest in Bitcoin futures have jumped sharply in the past few weeks ahead of the expected ETF announcement. Many see the creation of Bitcoin ETFs as the next step in the evolution of the cryptocurrency market into a mainstream asset class. While all eyes are currently on Bitcoin, the second-largest cryptocurrency by market cap, Ethereum, also has a futures contract with the CME and is likely to be the next cab off the ETF rank if a Bitcoin ETF launches successfully.

Bitcoin (BTC) Grinding Back to Multi-Month Highs, Volt ETF Offers Crypto Diversification

Bitcoin has been rallying steadily over the last few weeks after trading $40k in late September. The rally, fueled by ETF talk and an overall positive backdrop, has hardly taken a step back, leaving buyers chasing pieces higher. The chart below shows the recent upward trend that has held BTC for the last 10 days breaking to the upside and in the process taking out the double-top seen in May at $59,581. If one or more futures-based Bitcoin ETFs are granted by the SEC, the all-time high made in April this year will come under pressure and will likely be broken quickly.

As always with the cryptocurrency market, care needs to be taken as the asset class has a history of throwing up sharp, unexpected moves. With the potential for a Bitcoin ETF being permissioned this year already baked in the market over the last couple of months, traders should be wary of the potential for a quick bout of profit-taking by some of the more active accounts.

BITCOIN (BTC/USD) DAILY PRICE CHART - OCTOBER 15, 2021

Bitcoin (BTC/USD) Breaks $60k on Growing Futures-Based ETF Expectations

What is your view on Bitcoin (BTC) – bullish or bearish?

 

By Nick Cawley, Strategist, 15th October 2021. DailyFX

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
      21,682
    • Total Posts
      92,031
    • Total Members
      41,967
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    m5613
    Joined 30/03/23 21:23
  • Posts

    • Stock Market Content: SP500, Apple (AAPL),Tesla (TSLA), Amazon (AMZN), Nvidia (NVDA), Microsoft MSFT, Berkshire Hathaway (BRK/B), Block, Inc (SQ), Meta Platforms, Netflix (NFLX), Enphase (ENPH), Alphabet GOOGL and Bank of America BAC. Stock Market Summary: Trade long until Earnings reports 14 April. Buy the rumor sell the fact situation. The Elliott Wave market structure is also strongly suggesting higher price levels in the short term our analysis and trading strategy is risk on. Elliott Wave Analysis: Wave (i) of v) Trading Strategy: Trade Long Buy the Wave (ii) dip. Video Chapters 00:00 SP500 / NASDAQ 100 10:04 Apple (AAPL) 13:06 Amazon (AMZN) 13:42 NVIDIA (NVDA) 16:03 Meta Platforms (META) 16:26 Netflix (NFLX)  17:24 Enphase (ENPH) 22:06 Alphabet (GOOGL)  26:00 Microsoft (MSFT) 27:07 Berkshire Hathaway (BRK.B) 27:50 Tesla (TSLA) 28:12 Block Inc. (SQ)  29:27 Bank of America BAC 31:50 Thanks for supporting Analyst Peter Mathers TradingLounge™ Australian Financial Services Licence - AFSL 317817 Source: tradinglounge com  Level Up - Test the Trial Service!    
    • Stock Market Content ASX200 CBA BHP RIO FMG NCM Gold Lithium Nickel Copper DXY AUDUSD Elliott Wave Analysis Summary: Today,  I present a bearish picture for the ASX200 Banks and Resources today. The USD to move lower and resources higher with a bank corrective rally, with resources and banks to rally the ASX200 should scoot along nicely higher - that said, the 7200 will see a Classic TradingLevels pattern. Elliott Wave: ASX200 Wave C of (2) Strategy ASX200 Stall at 7200 then a move to 7300 Video Chapters 00:00  S&P/ASX 200 (XJO) 19:42 Commonwealth Bank CBA / Bank Sector XXJ 20:24 IRON ORE BHP Group (BHP), Rio Tinto (RIO), Fortescue Metals Group (FMG) 21:30 Newcrest Mining NCM / GOLD XAUUSD. Silver 24:25 AUDUSD / US Dollar DXY 26:12 copper stocks 27:14 Nickel stocks 28:26 Lithium Stocks 30:46 Thanks for supporting Analyst Peter Mathers TradingLounge™ Australian Financial Services Licence - AFSL 317817 Source: tradinglounge com  Level Up - Test the Trial Service!    
    • SP 500 Daily  
×
×
  • Create New...