Bitcoin Records New ATH at $67,000, as ETF Space Opens Up to BTC

21 October 2021 | Updated: 21 October 2021

Bitcoin (BTC) has had a ridiculously bullish session this week as it made history with its first US SEC-approved futures Exchange-Traded Fund (EFT).

ProShares Bitcoin Strategy ETF (BITO) launched on Tuesday amid volcanic fanfare and record-breaking ETFs volume. Yesterday, BTC recorded a new all-time high at $67,000 due to the excitement from the news.

As if the ProShares ETF approval was not news enough, VanEck published its Bitcoin futures ETF post-effective filing on Wednesday, indicating that the SEC has also approved the listing on NYSE Arca. The VanEck BTC Strategy ETF will have the ticker “XBTF” and leverage cash-settled Bitcoin futures contracts. The official VanEck ETF summarizes that the fund “does not invest in bitcoin or other digital assets directly.”

Shortly after the publication of the post-effective filing, co-founder of The ETF Institute Nate Geraci tweeted that: “Vaneck [is] joining the bitcoin futures ETF party next week.”

Commenting on the new developments, senior ETF analyst at Bloomberg Eric Balchunas explained that BITO has already entered “the top 30% of ETFs by assets and a near-lock to exceed my $750m by end-of-week estimate.”

VanEck decided to apply for a Bitcoin Strategy ETF on August 10, after several failed attempts to receive approval of a BTC ETF from the SEC. Some analysts speculate that VanEck’s ETF move came following positive statements from SEC Chairman Gary Gensler in the same week.

Key Bitcoin Levels to Watch — October 21

Although a few days (five) earlier than I predicted, the benchmark cryptocurrency has finally reemerged above the $65K ATH and painted a new one at $67K. Not surprisingly, BTC recorded a sharp correction a few hours ago to the $61.4K support as trading conditions entered overheated territories.

BTCUSD – 4-Hour Chart

That said, BTC is not out of the woods yet, and we could see additional corrections in the coming days near the $60K psychological support. Nonetheless, a break above the $67K ATH (which is also a near-term possibility) should pause this imminent correction as BTC would resume on a price discovery trajectory.

Meanwhile, our resistance levels are at $66,000, $67,000, and $68,000, and our key support levels are at $64,000, $63,000, and $62,000.

Total Market Capitalization: $2.63 trillion

Bitcoin Market Capitalization: $1.22 trillion

Bitcoin Dominance: 46.4%

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.