Bitcoin price surged above the $62,000 mark today as suggested by a Bloomberg report Bitcoin A futures exchange-traded fund (ETF) could debut on Monday as soon as possible. The world’s largest cryptocurrency reached an all-time high of nearly $65,000 in April. After almost six months, it crossed the $60,000 level on Friday.
“Bitcoin has been on a tremendous bull run for over a week. BTC neared the $63K mark ahead of speculation about the Bitcoin Futures ETF launch on Monday. BTC has broken out of the channel pattern and we can expect That this momentum will continue in the coming weeks. The next resistance is expected at $63.3K,” said Siddharth Menon, COO of WazirX.
Asset manager ProShares on Monday indicated plans to launch a bitcoin futures exchange-traded fund as soon as possible, an action that would end an eight-year wait for a security that tracks the cryptocurrency on the US stock market. Bloomberg News reported last week that the SEC is unlikely to stop the product from starting trading.
Ether, the coin linked to the Ethereum blockchain and the second largest cryptocurrency, soared to $3,885. Cardano and Dogecoin price increased marginally. On the other hand, other digital tokens like Solana, Shiba Inu, Binance Coin have also increased in the last 24 hours.
“Ethereum has yet to see a strong run as compared to BTC. ETH/BTC trend is still in a descending channel pattern on the daily chart. Immediate resistance is expected at the $0.072 level, if broken, So we could see a strong rally in ETH. If Bitcoin continues to dominate, other altcoins could see a fresh uptrend,” Menon said.
Bitcoin has surged in recent weeks, fueled by speculation that a US launch may be imminent. The price of the crypto has more than doubled from its low at the end of July.
(with inputs from agencies)
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