Fresh Bitcoin ETF is hoping for BTC’s quick rally over $ 40,000

Crypto investors are seeing gains in Ether (ETH) and Bitcoin (BTC) today following the successful launch of Ethereum’s London hard fork and a slew of new Bitcoin ETF filings, causing a rally that rose the price of BTC by 9% and ether resulted in an 11.75% gain, bringing the altcoin closer to the elusive $ 3,000 level.

Data from Cointelegraph Markets Pro and TradingView show that after an early morning sell-off that saw BTC drop to $ 37,280, the bulls stepped in and the resulting surge in volume drove BTC price to an intraday high of $ 40,775.

BTC / USDT 4-hour chart. Source: TradingView

Recent comments from US Securities and Exchange Commission chairman Gary Gesler on the profitability of a Bitcoin ETF were followed by several new ETF applications on Thursday, and investors are hoping the chance of approval has increased.

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

24 hours later, both Invesco and ProShares filed futures-based #bitcoin ETFs.


– Bitcoin Archive (@BTC_Archive) August 5, 2021

Related: Fed Governor Says CBDCs Remain “Finding a Solution to a Problem”

Regarding the current bullish price action, analyst Will Clemente released the following chart to show BTC’s past performance, noting that the yellow line was “as dead cat resistance in 2017, support in January 2021, and the level that the price fell after the breakthrough in May, served. “

Top / bottom models for Bitcoin. Source: Glassnode

Clemente added:

“In my opinion, this would be a key level ($ 54K & up) to look for confirmation / rejection. (2013 vs. 2017 reaction) “

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

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Every step of investing and trading involves risk, so you should do your own research when making a decision.

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