Bitcoin ($BTC) bounced again from the weekend worth corrections under $60K to make the best weekly shut in its historical past. $BTC worth made the weekly shut above $62K, marking the best shut within the decade-long existence, which is a extremely bullish signal. The highest cryptocurrency is at present buying and selling at $62,331 with a 3% acquire over the previous 24-hours.
The highest cryptocurrency can also be simply one other rally away from reaching all-time-high (ATH) as it’s at present simply 4% down from the ATH of $64,683. As $BTC bounced from a weekly worth fluctuation, the crypto market cap additionally breached the $2.5 trillion mark for the primary time in 5-months. The provision of Bitcoin on centralized exchanges is at an all-time low indicating no indicators of one other market sell-off within the close to future.
The market sentiment across the prime cryptocurrency is very bullish because the Concern & Greed Index signifies a sentiment of maximum greed amongst merchants. $BTC has recovered almost 50% of its worth misplaced in the course of the bearish September in simply 3-weeks time, and as bullish momentum builds for the final quarter, many analysts are positive about $100,000 worth by the top of this 12 months.
What’s Driving the Bitcoin Bulls?
Aside from the truth that the ultimate quarter of the 12 months has confirmed bullish for Bitcoin, the main power behind the present rally is being attributed to the current approval of the first-ever Bitcoin Futures ETF by the SEC within the type of ProShares BTC ETF. Whereas Bitcoin proponents consider a Futures ETF would give regulators extra management over the market and even make it costly, the general sentiment in the direction of the choice is very bullish given the historic worth of the approval.
I can not watch for JPMorgan to control the BTC market the way in which they manipulated the silver market.
That is why the SEC prefers a futures ETF that prices 5-10% yearly vs. a spot ETF that will price 1-2%.
The SEC is solely a part of the cartel at this level. pic.twitter.com/vc0VVKHUyE
— Ryan Selkis (@twobitidiot) October 15, 2021
Santiment knowledge exhibits that Bitcoin Futures ETF is without doubt one of the fastest-growing traits on social media indicating a bullish market sentiment.
The highest cryptocurrency can attain a brand new ATH by the top of the day or inside this week. Trying on the debate across the Bitcoin Futures ETF, market analysts consider folks could be higher off shopping for spot BTC than ETF funding on the time.
This chart exhibits why you’re higher off shopping for #Bitcoin than Bitcoin Future ETF. For buyers, new Bitcoin ETFs is perhaps extra pricey than buying cryptocurrency immediately. Bitcoin Future has underperformed by 30ppts since begin of Bitcoin Future in 2017. https://t.co/1ZnVBJQlGa pic.twitter.com/oXrZ95Wsmg
— Holger Zschaepitz (@Schuldensuehner) October 17, 2021
