Bitcoin hit its highest point since April, touching $60,000. Such impressive moves came after the rumors of Bitcoin Futures ETF dominated the financial market.
Bitcoin (BTC) trades on its peak high since April, exploring $60,000. Though it is its psychological area, a technical perspective suggests that the price zone doesn’t impose massive resistance. Such price movements after the rumors that US SEC might approve futures-backed BTC ETF dominated this week. Let us explore more.
Bitcoin traded near $54,000 one week ago. The dominant coin maintained an upside stance, almost hitting $58,000 on Tuesday following a slight pullback under $55,000. From here, Bitcoin skyrocketed to trade around the $58,500 mark on Thursday.
Though the leading crypto culminated today, Bitcoin finally touched the sought-after $60,000 area. Keep in mind that Friday’s uptrend came after Bloomberg hinted at a possible BTC futures ETCH approval by SEC. The source revealed that the regulators might endorse the Bitcoin ETF as soon as in the coming week. The news pushed the market higher, taking the overall market cap past $2.5 trillion.
With the positive mood in the market, BTC trades near 11% high since last week, outperforming multiple assets in the altcoin market. ETH is up nearly 6%, BNB 5%, and XRP around 4.9%. However, Polkadot’s 18% uptick has the altcoin leading the top 10 cryptocurrencies.
DOT’s surged came after the Polkadot declared that it would deploy the awaited parachains during the mainnet. The initial auction will possibly happen in November, and Binance already said that it would support it.
On the other news, Cambridge’s updated Bitcoin hash rate data declared that China dropped the first spot as the leading crypto miner, overtaken by the United States. However, such updates did not surprise crypto enthusiasts following the stiff clampdowns and miners’ migration.
The recent market movements seem to support the predictions by bullish analysts over the past few weeks. If the same happens in the coming sessions, Bitcoin and other cryptocurrencies will explore their record highs.
For now, market players appear interested in what the crypto market will have in the future. Though retail FOMO is not that much at the moment, everyone awaits such reactions. Stay around for upcoming crypto market updates.