Bitcoin Near New All-Time High Amid ETF Optimism

BTC/USD hit an intraday high of $64,500 on Coinbase on Tuesday

Bitcoin surged as high as $64,500 on Tuesday, bringing the value of the cryptocurrency closest to its record of $64,805 reached in April so far.

Bitcoin’s price hit an intraday high of $64,399 on U.S. crypto exchange Coinbase this Wednesday, indicating a bullish desire to hit a new all-time high.

According to crypto analyst Rekt Capital, the Bitcoin pair BTC/USD has broken through the last resistance line with the rise above $64,000 before potentially entering a price discovery. If successful, Bitcoin could expand its profits in the short term towards $70,000.

At the time of writing, Bitcoin is trading at $63,956, with a new daily candle closing higher than Tuesday’s $64,303 likely to push the bulls further up.

BTC price benefits from ETF News

A day after the ProShares Bitcoin Futures ETF debuted on the New York Stock Exchange under the ticker symbol BITO, BTC is under increased pressure from the buyer side.

The data showed that the ProShares Bitcoin Strategy ETF recorded a daily trading volume of almost $ 1 billion on the first day. According to TradingView, BITO opened at $40.88, recorded 20.406 million BITO shares traded and reached a daily closing price of $41.94.

The positive sentiment also follows an announcement by leading crypto asset manager Grayscale regarding its plans to convert its Bitcoin Trust into a BTC spot ETF.

According to Barry Silbert, CEO of Digital Currency Group, Grayscale and the NYSE have “officially initiated the process”.

After falling below the critical $64,000 mark in early morning trading, the world’s largest cryptocurrency with a market capitalization of $1.2 trillion has jumped above the resistance mark and looks set to break through the all-time high.

Stay in the Loop

Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

Latest stories

You might also like...