Bitcoin Breaks $60,000 Ahead Of SEC ETF Approvals

2021-10-16 20:00

Bitcoin has broken a new five-month high on Friday after breaking above $60,000. The digital asset had begun its ascent weeks prior at the beginning of October, a historically bullish month for cryptocurrencies. This rally has been mostly driven by rumors that the SEC is set to approve the first Bitcoin ETF in the United States.

With news like this circulating in the market, traders have ramped up their activities in the market. The rumors have triggered massive buying activities in the market and this has led to the price rally we are currently witnessing in the market.

Related Reading | Bitcoin Whales Accumulation Patterns Shows Strong Bullish Sentiment Among Top Holders

Bitcoin has long been expected to break this price point but has encountered multiple roadblocks that have beaten the price back down. A significant point was the $52K market which the digital asset had broken back at the beginning of September. Expectations were that the asset would ride the wave up to $60K. However, a market crash had dragged the price back down towards the $40K price range.

Buy The Rumor, Sell The News?

Investors have been buying the rumor leading up to the SEC’s ETF decision. This has contributed greatly to the current rally. Order books are filled to the brim as investors, old and new, put more money into the market.

BTC’s recent price gains have however raised questions with regards to the current market dynamics. Some have put forward that the market is responding to people buying the rumor. But that when the news of a bitcoin ETF approval arrives, investors who have been hoarding through the past couple of weeks will dump their bags as they sell the news.

Related Reading | Why We Could See The First Approved U.S. Bitcoin ETF In October

Concerns have been raised over this and investors are wary of the market dynamics. Nevertheless, others have said that this is only the beginning of the rally. If the market indicators are anything to go by, then the market will likely be riding out this bull to the first quarter of 2022.

Bitcoin Price Movements

Bitcoin has now touched above $60,000 for the second time on Friday. It had previously hit the price point but dip shortly after to the high $59K. The price had subsequently recovered above $60K, peaking at $60,351, according to TradingView.

BTC price breaks above $60K for new five-month high | Source: BTCUSD on TradingView.com

BTC is making great strides in recovery and has once again surpassed expectations for it. The market was expected to slide into a prolonged bear market but the asset has shaken off the bears. At this point, bitcoin is less than 10% away from a new all-time high.

At the time of writing, BTC is trading a little below $60K at $59,919, with a total market cap of $1.129 trillion. The crypto market cap has not been left out of this recovery as the total market cap now sits at $2.45 trillion.

Featured image from Pixabay, chart from TradingView.com origin »

Bitcoin price in Telegram @btc_price_every_hour

Bitcoin (BTC) на Currencies.ru

$ 64716.83 (+0.09%)
Объем 24H $12.183b
Изменеия 24h: 0.94 %, 7d: 0.29 %
Cегодня L: $64212.17 - H: $64727.55
Капитализация $1298.322b Rank 1
Цена в час новости $ 61260.81 (5.64%)

bitcoin ascent weeks begun had prior october

Источник: newsbtc.com

bitcoin ascent → Результатов: 126


Фото:

Bitcoin Hits Massive 1,350 BTC Sell Wall; Here’s Why Buyers Won’t Break It

Bitcoin has seen a tempered upswing over the past several hours that has come about in tandem with a rise in the stock market This upwards movement has done little to alter its underlying technical strength, as it still remains squarely within its long-held trading range This move has also led it up against a massive sell wall on Binance, which may slow the cryptocurrency’s ascent and stop it from incurring any notable momentum There […]

2020-6-23 02:00


Фото:

Уровень доминирования bitcoin вернулся к показателям апреля 2017 года

Специалисты аналитической компании The Tie представили исследование, согласно которому с ростом уровня доминирования bitcoin увеличилось и количество твитов с его упоминанием. 11 июля был зафиксирован рекорд сообщений о BTC в Twitter.

2019-7-16 11:52


Does the Recent Stock Market Volatility Showcase Bitcoin’s Growing Popularity?

Our readers may be aware of the fact that stock markets all across the globe have been facing a lot of bearish pressure over the course of the past few weeks. However, despite all this, Bitcoin has continued its strong financial ascent — with the flagship cryptocoin recently breaking past its all-important $8K resistance barrier […]

2019-5-18 07:01


Way, Way Beyond Meat (Or Uber): We Can’t Keep Up With Bitcoin’s Stunning Ascent

Yesterday we wrote an article about Bitcoin. It’s out of date. We noted that the digital asset had climbed past the $6,000 mark. We apologize: but since most of our staff are busy at Ethereal Summit and Consensus in New York, we don’t have enough writers to create a really in-depth analysis of the few […] The post Way, Way Beyond Meat (Or Uber): We Can’t Keep Up With Bitcoin’s Stunning Ascent appeared first on Crypto Briefing.

2019-5-11 20:04


Two Shockingly Similar Price Charts From Other Markets Hint At What’s Next for Bitcoin

The crypto market, and more specifically Bitcoin, is at an important inflection point in its existence. Having become a household nearly overnight thanks to the late-2017 media blitz that fueled the cryptocurrency’s meteoric ascent to its all-time high price of $20,000, and the resulting bubble pop that led to the longest bear market on record,.

2019-5-4 03:01


Фото:

Nailed It? Cryptocurrency Chart Exactly Follows ‘Bottom’ Call By Mike Novogratz

Serial investor and Bitcoin bull Mike Novogratz perfectly called the “bottom” in cryptocurrency, data reveals as markets trend upwards September 14. Novogratz: September 12 Was ‘Low’ As Bitcoinist reported Thursday, cryptocurrency market indices hit 80 percent versus all-time highs this week, outperforming the dotcom boom implosion of the early 2000s for the first time.

2018-9-14 17:00


дальше еще 77 новостей →

Партнеры Currencies.ru



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin Exits ‘Panic Zone,’ But Capital Inflows Remain Weak

On-chain data shows Bitcoin network conditions have improved recently, but net capital inflows are still of a relatively weak order. Bitcoin Realized Cap Now Rising, But Only In A Slow Manner As pointed out by CryptoQuant author Axel Adler Jr in an X post, Bitcoin has exited from the “panic zone” on the Realized Profit/Loss Ratio.

Stocks Are At All-Time Highs, Bitcoin Is Lagging: Is BTC Late To The Rally?

Bitcoin is pushing higher after months of consolidation, with buyers gradually reasserting control and the market beginning to feel like it might have found its footing. The strength is real — but a report from XWIN Research Japan is adding important context to what that strength actually means in the broader picture. Related Reading: Ethereum […]

Bitcoin Mining Network Collapsing Into AI At Record Pace, Analyst Warns

The founder of Capriole Investments has warned that the Bitcoin miner AI pivot could result in mining revenue plunging to 30% in 2-3 years. Bitcoin Mining Companies Are Fast Pivoting To AI In a new post on X, Capriole Investments founder Charles Edwards has talked about the transition that the Bitcoin mining industry has been […]

These 3 Signals Mark Bear Market Exits—Bitcoin Has Yet To Trigger Them

Bitcoin is still far from triggering the three signals that have historically appeared at the end of bear markets, according to analyst Willy Woo. Bitcoin Is Still Trading Far Below The Cost Basis Of Recent Investors In a new post on X, analyst Willy Woo has listed the three things that tend to happen at the end of bear markets.