Bitcoin Breaks $60,000 Ahead Of SEC ETF Approvals
15 Outubro 2021 - 2:00PM
NEWSBTC
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
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