While the bears they thought yesterday they had resumed the check of the market Bitcoin, this is reported with a couple of flashes even at high altitude $ 58,000, reaching the resistence considered fundamental by the majority of analysts.
We are practically at a step from historical highs, highs that were lost starting from the huge correction that took place a last May, with $ BTC which has come to be worth less than half.
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ETF fever drives Bitcoin skyrocketing
The first input of a bullish character came from ETF on Bitcoin. We had already anticipated on the pages of Cryptocurrency.it that in reality there was little lack of even for the USA and yesterday a first timid confirmation arrived.
Valkyrie it has in fact updated all the documentation concerning its own ETF, a practice that historically is done when there is a smell of approval and therefore of debut on the market. Although few had bet on the possibility that this was precisely the first ETF to be approved in USA, everything seems to move in this direction.
SEC – now with his back to the wall also because many managers have presented products that follow his instructions in detail – he will have to bend and accept at least a couple of the more than 20 products waiting for approval on his table. A situation that now transcends even the political game it is keeping busy democrats And republicans, on opposite sides.
Will there really be a sell the news?
Hard to say now – although it was no less than that Bloomberg to put forward such a hypothesis. According to the famous financial news hub the approval of the first ETF based on $ BTC in USA it could be a vector of corrections, due to the good old principle of the markets according to which rumors are bought and then the news is sold.
A suggestive hypothesis – which, however, has no scientific or technical basis for the moment – and which we can label as FUD nice and good, something to which Bloomberg hardly escapes, in the context of a schizophrenic hedge that is made on cryptocurrencies and in particular on Bitcoin.
The day begins which promises to be very eventful
There asian session contributed to yet another leap of Bitcoin, which at the time of writing this study is at the center of a struggle between bears And bulls close to altitude $ 58,000. A psychological as well as a technical threshold, around which one could return several times again, after the assault has already failed several times. However, we have plaintiffs in front of us higher highs, or the maximums that for each assault are made higher, which would bode well as regards the possibility that this type of barrier will be overcome during the day.
We do not rule out that there will be gods important lateral movements – which could increase also in view of a possible backfire of the whole sector altcoin – which still has some ground to recover from dominance from Bitcoin. Lateral movements that, historically, open up to seasons of new growth, both short and medium term.
The important price thresholds for Bitcoin
Within a wider channel between the $ 55,000 and $ 58,000 that we have correctly indicated in ours Bitcoin forecasts – we believe that the technical price levels to look at today are $ 56,800 And $ 58,400. Once these levels have been exceeded, a new trend could emerge and we could declare the phase of lateral movements as momentarily concluded.
Any movements within this range should be considered as the classic noise of the short term trading – which do not add or take anything away from the macro-trend. With relative certainty: the king is back.