Hopes of an eventual BTC ETF approval and the rebound of a key support level pushed Bitcoin price well above the $40,000 level, but can the bulls sustain the current volume?
Crypto investors are seeing gains in Ether (ETH) and Bitcoin (BTC) on Aug. 5 after the successful launch of Ethereum's London hard fork and a series of new Bitcoin exchange-traded fund filings, resulting in a rally that propelled BTC's price 9% higher and caused Ether to gain 11.75%, which pushed the altcoin closer to the elusive $3,000 level.
Data from Cointelegraph Markets Pro and TradingView shows that after an early morning sell-off that saw BTC fall to $37,280, the bulls stepped in, and the ensuing high volume spike sent BTC price to an intraday high of $40,775.
BTC/USDT 4-hour chart. Source: TradingView
Recent comments from United States Securities and Exchange Commission Chair Gary Gesler about the viability of a Bitcoin ETF were followed by several new ETF applications being filed on Aug. 5, and investors are hopeful that the chance of approval has increased.
SEC chairman said he’d be more open to a #Bitcoin ETF if it was based on futures.
24hrs later, both Invesco and ProShares have filed Futures-based #Bitcoin ETFs.
— Bitcoin Archive (@BTC_Archive) August 5, 2021
Regarding the current bullish price action, analyst Will Clemente posted the following chart to show BTC's past performance and opined that "This would be a key level ($54k and rising) to watch for confirmation/rejection (2013 vs. 2017 reaction)."
Top/bottom models for Bitcoin. Source: Glassnode
“In my opinion, this would be a key level ($54K & rising) to watch for confirmation/rejection. (2013 vs. 2017 reaction)”
The overall cryptocurrency market cap now stands at $1.662 trillion, and Bitcoin’s dominance rate is 45.6%.
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