Bitcoin

Fresh Bitcoin ETF hopes back BTC’s swift rally above $40,000


Crypto investors are seeing gains in Ether (ETH) and Bitcoin (BTC) today after the successful launch of Ethereum’s London hard fork and a series of new Bitcoin ETF filings, resulting in a rally that propelled BTC’s price 9% higher and caused Ether to gain 11.75% which pushed the altcoin closer to the elusive $3,000 level.

Data from Cointelegraph Markets Pro and TradingView shows that after an early morning sell-off that saw BTC fall to $37,280, the bulls stepped in and the ensuing high volume spike sent BTC price to an intraday high of $40,775.

BTC/USDT 4-hour chart. Source: TradingView

Recent comments from United States Securities and Exchange commission chair Gary Gesler about the viability of a Bitcoin ETF were followed by several new ETF applications being filed on Thursday, and investors are hopeful that the chance of approval has increased.  

Related: Fed governor says CBDCs remain ‘a solution in search of a problem’

Regarding the current bullish price action, analyst Will Clemente posted the following chart to show BTC’s past performance, noting that the yellow line “served as resistance to the 2017 dead cat, support in January 2021 and the level that price dropped once broken through in May.”

Top/Bottom models for Bitcoin. Source: Glassnode

Clemente added:

“In my opinion, this would be a key level ($54K & rising) to watch for confirmation/rejection. (2013 vs. 2017 reaction)”

The overall cryptocurrency market cap now stands at $1.662 trillion and Bitcoin’s dominance rate is 45.6%.

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