Fresh Bitcoin ETF hopes to return to rapid rally in BTCs above $ 40,000

[ad_1]

Crypto investors register gains in Ether (ETH) and Bitcoin (BTC) today after the successful launch of the Ethereum hard fork in London and a spate of new Bitcoin ETF deposits sparked a rally that propelled the market BTC price 9% higher and Ether gained 11.75%, bringing the altcoin closer to the elusive $ 3,000 level.

Data from Cointelegraph Markets Pro and TradingView shows that after an early morning sell-off that saw the BTC price drop to $ 37,280, the bulls stepped in and the subsequent high volume spike pushed the BTC price higher. at an intraday high at $ 40,775.

4 hour BTC / USDT chart. Source: TradingView

Recent comments from the chairman of the United States Securities and Exchange Commission, Gary Gesler, on the viability of a Bitcoin ETF were followed by several new ETF applications filed on August 5 and investors are hoping the odds of approval increased.

The SEC chairman said he would be more open to a #Bitcoin ETF if it was based on futures.

24 hours later, Invesco and ProShares deposited #Bitcoin ETFs based on futures contracts.

LFG!

– Bitcoin Archive (@BTC_Archive) August 5, 2021

Related: Fed Governor Says CBDCs Remain ‘A Solution Seeking a Problem’

Regarding the current bullish price action, analyst Will Clemente III released the following chart showing past performance of BTC and noted that the yellow line “served as resistance to the 2017 dead cat, support in January 2021 and from the level to which the price fell once crossed in May.

High / low patterns for Bitcoin. Source: Glassnode

Clémente said:

In my opinion this would be a key level ($ 54,000 and up) to watch for confirmation / rejection. (2013 vs 2017 reaction)

The overall cryptocurrency market cap is now $ 1.662 trillion and the Bitcoin dominance rate is 45.6%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move comes with risk, you should do your own research before making a decision.

[ad_2]