The first bitcoin ETF is coming?
BTCUSD has surged past the $8,000 handle for the first time in two month on Tuesday, continuing its rebound from lows below $6,000. Bitcoin dominance rate also rose significantly over the last days – to 47%, the highest level since December last year, when the price reached all-time highs just below the $20,000 figure.
The world's largest cryptocurrency by market capitalization rallied amid growing expectations for the first bitcoin ETF approval. VanEck and SolidX have joint forced to bring a physically backed bitcoin ETF to market. Now the SEC is expected to make its decision around mid-August or in September. The Commission requested for comment on the issue, and over 97% of responses are positive. So it looks like there is a high probability that the fund will be approved this time.
Positive expectations could push the price of bitcoin north further as the positive verdict hasn’t been priced in yet. The market will continue to monitor highlights and fresh signals from this front, while technicals also point to the prospects for further ascent. In the short term, the pair needs to confirm a break above the $8,000 barrier with the next target at $8,200, where the top of a descending wedge pattern lies.
The world's largest cryptocurrency by market capitalization rallied amid growing expectations for the first bitcoin ETF approval. VanEck and SolidX have joint forced to bring a physically backed bitcoin ETF to market. Now the SEC is expected to make its decision around mid-August or in September. The Commission requested for comment on the issue, and over 97% of responses are positive. So it looks like there is a high probability that the fund will be approved this time.
Positive expectations could push the price of bitcoin north further as the positive verdict hasn’t been priced in yet. The market will continue to monitor highlights and fresh signals from this front, while technicals also point to the prospects for further ascent. In the short term, the pair needs to confirm a break above the $8,000 barrier with the next target at $8,200, where the top of a descending wedge pattern lies.
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