Bitcoin Touches $63,000 Amid Excitement Over Possible BTC ETF Approval

17 October 2021 | Updated: 17 October 2021

It appears that the US States Securities and Exchange Commission (SEC) could approve its first Bitcoin (BTC) Exchange-Traded Fund (ETF) soon, after years of turning down numerous ETF proposals.

The company that filed for its Bitcoin Strategy ETF, ProShares, could become the first company to receive the BTC ETF greenlight from the SEC next week. The company recently filed an amended prospectus, indicating that the ETF could launch as soon as tomorrow.

That said, the ETF in question is not a standard one but a futures-backed product. This means that the product tracks Bitcoin futures contracts and not Bitcoin itself.

Nonetheless, this development remains a significant achievement for Bitcoin and the cryptocurrency industry and one many analysts believe will have a lasting impact on the industry.

Exchange-Traded Funds typically provide a less-risky avenue to gain exposure to the assets in question in a regulated and secure setting. ETFs are the preferred investment routes for most institutional investors, especially with risky assets.

While the SEC has not published any official confirmation yet, rumors have put the crypto community in high spirits and bolstered the price of BTC. The benchmark cryptocurrency marked a steady ascent to the $63,000 line on Friday, 3% from its previous all-time highs of $65,000.

Key Bitcoin Levels to Watch — October 17

Following its parabolic run to the $63,000 mark on Friday, BTC has entered a minor correction towards the $60,000 psychological support. This correction comes amid a break above the critical 1192.23 area on our 4-hour MACD tool, indicating a foray into overheated conditions.

BTCUSD – 4-Hour Chart

That said, as market conditions cool down, bulls need to defend the $60,000 psychological level over the coming hours and days to retain their dominant standing. A break below that support could foster a bearish continuation towards the $59,000 – $58,000 axis, stalling the primary cryptocurrency from reclaiming its previous ATH this month.

Meanwhile, our resistance levels are at $61,785, $63,000, and $64,000, and our key support levels are at $60,000, $59,000, and $58,000.

Total Market Capitalization: $2.49 trillion

Bitcoin Market Capitalization: $1.15 trillion

Bitcoin Dominance: 46.3%

Market Rank: #1

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.