Bitcoin close to new all-time high amid ETF optimism

BTC/USD touched an intraday high of $64,500 on Coinbase on Tuesday

Bitcoin rose as high as $64,500 on Tuesday, with the cryptocurrency’s worth inching the closest but to its document of $64,805 reached in April.

Bitcoin’s value motion this Wednesday has included an intraday high of $64,399 on US crypto change Coinbase, indicating a bullish need to push for a new all-time high.

Crypto analyst Rekt Capital says Bitcoin’s surge above $64,000 noticed the BTC/USD pair break the ultimate resistance line earlier than doubtlessly getting into value discovery. If it does, Bitcoin might lengthen beneficial properties in the direction of $70,000 within the brief time period.

As of writing, Bitcoin is buying and selling close to $63,956 with a new every day candle close greater than Tuesday’s $64,303 possible to see bulls push greater.

BTC value advantages from ETF information

BTC is seeing elevated buy-side strain a day after the ProShares Bitcoin Futures ETF debuted on the New York Stock Exchange beneath the ticker image BITO.

Data confirmed that the ProShares Bitcoin Strategy ETF attracted almost $1 billion in every day buying and selling quantity on the primary day. According to TradingView, BITO opened at $40.88, noticed 20.406 million shares of BITO traded on the day, and achieved a every day close of $41.94.

The optimistic sentiment additionally follows an announcement from main crypto asset supervisor Grayscale concerning its plans to convert its Bitcoin Trust to a BTC spot ETF.

According to Digital Currency Group CEO Barry Silbert, Grayscale and NYSE have “formally kicked off the method”.

After retreating beneath the essential $64,000 stage throughout early morning trades, the world’s largest crypto with a $1.2 trillion market cap has jumped above the resistance stage and is wanting possible to smash the all-time high value.

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