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Bitcoin breaks above $50,000 as upward momentum continues

Cryptocurrency NewsOct 05, 2021 21:20
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© Reuters.

By Samuel Indyk – The price of Bitcoin exceeded $50,000 for the first time since 7th September, the day Bitcoin became legal tender in El Salvador.

The world’s largest cryptocurrency had dropped to around $47,600 in early trade before rising to a high around $50,300.

Bitcoin ETF?

Speculation about a Bitcoin ETF continues to linger in the background, with optimism that the US Securities and Exchange Commission (SEC) will soon approve a futures-based ETF.

According to Bloomberg ETF Analyst Eric Balchunas, there is a 75% chance that a Bitcoin futures ETF will be approved this month.

Approval of a Bitcoin ETF is seen as another step towards cryptocurrencies becoming a mainstream financial market asset. A futures-based ETF is more likely to see approval first and is viewed more favourably by the SEC Chair Gary Gensler due to their derivatives-based nature making them easier to regulate.

Meanwhile, crypto investment products and funds recorded inflows for a seventh consecutive week last week, according to data from CoinShares, signalling that institutional interest in Bitcoin and other digital assets isn’t slowing down.

Technical View

After trading above $50,000, Bitcoin is now testing trendline resistance around its current level of $50,300.

The next level to the upside traders will be focusing on will be the September high around $52,900. A move and close above that level and some analysts are calling for Bitcoin to test its all-time highs around $65,000 within a matter of weeks.

If Bitcoin fails to hold gains above $50,000 then the door may be open for another small correction. If that is the case, then the 18th September high around $48,800 could act as support.

After that, the 50-day moving average at $46,800 and the 200-day moving average at $45,000 will likely be the next levels to watch out for.

Bitcoin breaks above $50,000 as upward momentum continues

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Sea Tea Oct 05, 2021 21:27
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