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ETF Fever
Bitcoin prices continue to push higher this week with BTC futures now trading at 17-month highs. The driver behind the move is the ongoing speculation regarding potential SEC ETC approval. BTC bulls have been bolstered recently by the SEC’s decision not to appeal against a court ruling in favour of Grayscale’s ETF application. With several big names awaiting ETF approval, BTC bulls are anticipating a fresh surge of demand from institutional names.
Powell Dilutes Tightening Expectations
Along with the speculation around ETF approvals, BTC has also been bolstered recently by a shift in tone from the Fed. Powell’s comments regarding the tightening impact of rising bond yields and the reduced urgency for further Fed tightening aa result have helped feed into bullish BTC sentiment here. Looking ahead this week, a slew of key US data over today and tomorrow holds the potential to drive the BTC rally further still if we see any USD weakness in response to these readings.
Technical Views
BTC
The rally in BTC has seen the market breaking back above the prior bull trend line and now above the 32185 level also. This is a major technical development for the market and, while above here, the focus is firmly bullish, in line with bullish momentum studies readings. For bulls, 37030 is now the next objective.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.