Bitcoin (BTC/USD) Prices, Charts, and Analysis
Talk of a futures-based Bitcoin ETF has been swirling around the market for months but recent commentary suggests that the SEC may soon approve at least one if not two applications as early as next week. Recent reports suggest that two ETF proposals by ProShares and Invesco may be given the green light next Tuesday to launch their products, although the SEC can still pull the plug by Monday evening. If one or both of these ETFs launch next week, the other applications in the SEC’s in-tray will need to be looked at as a matter of urgency to try and dampen down first-mover advantage. While many believe that the recent move higher in Bitcoin has been in anticipation of an ETF announcement, the underlying cash market will continue to be underpinned, and driven higher, by demand for futures. The recent all-time high at just under $65k is likely to come under increasing pressure in the near term as demand outstrips limited supply.
Bitcoin (BTC/USD) Breaks $60k on Growing Futures-Based ETF Expectations[2]
The crypto market as a whole continues to expand and is nearing its best-ever level as a series of higher highs continues to dominate the chart over the last month. As with Bitcoin, the all-time high market cap is likely to fall soon, especially if the ETF story plays out.
Cryptocurrency Total Market Capitalization – October 15, 2021
We have been bullish on Bitcoin over the past few weeks, not just on the overwhelmingly positive sentiment in the space, but also due to a bullish technical chart set-up. The daily chart shows a classic break out of a bullish pennant at the start
