Bitcoin Touches $60,000 Amid ETF Approval Rumors

Bitcoin Touches $60,000 Amid ETF Approval Rumors

Key Takeaways

  • Bitcoin briefly broke above $60,000 throughout all main cryptocurrency exchanges immediately.
  • Investors are bullish on the potential approval of the primary Bitcoin ETF within the U.S.
  • Further shopping for stress might push BTC towards $80,000.

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The prime cryptocurrency is constant its ascent amid rumors of a possible Bitcoin futures ETF approval. While purchase orders are piling up, transaction historical past reveals that BTC could possibly be on the trail to reaching new all-time highs.  

Bitcoin Targets New All-Time Highs

Bitcoin briefly crossed $60,000 throughout all main exchanges this morning, signaling that new file highs could possibly be on the horizon. 

The flagship cryptocurrency has gained over 2,600 factors in market worth over the previous few hours as hypothesis mounts a few potential Bitcoin futures ETF approval. The U.S. Securities and Exchange Commission’s Office of Investor Education and Advocacy recently encouraged traders to “weigh the potential dangers and advantages” earlier than investing within the pioneer digital asset. 

Although the observe refers to an investor bulletin printed in mid-June, sources acquainted with the matter have affirmed that the federal company might permit a Bitcoin futures ETF to start buying and selling as quickly as subsequent week.  

From an on-chain perspective, whales seem like getting ready for a constructive final result. Addresses holding 100 to 100,000 BTC have purchased over 30,000 BTC price roughly $1.8 billion within the final three days. Meanwhile, greater than 10,000 BTC have been faraway from identified cryptocurrency change wallets throughout the similar interval.

Source: Santiment

While the shopping for stress behind Bitcoin continues to extend, IntoTheBlock’s In/Out of the Money Around Price (IOMAP) mannequin reveals there aren’t any provide boundaries forward. The solely appreciable curiosity space sits at $63,000, the place 62,000 addresses have beforehand bought greater than 50,000 BTC. 

Due to the current shopping for exercise amongst whales, it’s doable that Bitcoin might hit a brand new all-time excessive of $80,000 after breaching the $63,000 barrier. 

Bitcoin Transaction History
Source: IntoTheBlock

It is price noting {that a} delay in a Bitcoin-related ETF approval within the U.S. might disappoint traders and enhance promoting stress. Under such distinctive circumstances, the IOMAP reveals that probably the most vital assist stage beneath BTC sits at $55,700. Failing to carry above this important demand wall might lead to a steep decline towards $50,000. 

Disclosure: At the time of writing, the writer of this function owned BTC and ETH. 

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