Bitcoin Continues to Demonstrate its Strength
Bitcoin remains the largest cryptocurrency in the world even after so many years. It is hard to respect the largest cryptocurrency in terms of market capitalization. The major cryptocurrency simply refuses to die this week as a dip below $60,000 barely lasts an hour and bears are burned yet again.
After a pretty calm weekend, October 17, saw a typical drawdown before a dramatic resurgence took place for BTC/USD just an hour later. Bitcoin was able to preserve its bullish trajectory. The most famous cryptocurrency also sealed its highest weekly close ever – around $61,500.
The crypto market is preparing for a possible start of trading for the U.S.’s first Bitcoin exchange-traded funds (ETFs). According to analysts, volatility is all but guaranteed.
As stated above, Bitcoin continues to demonstrate its strength. After losing $60,000 two days ago, bulls had no time for Bitcoin price weakness. Bulls embarked on an aggressive buying spree. Consequently, the pair was back above not only $60,000 but $62,000. At the moment, its price is $62,161.
Trader and analyst Rekt Capital used his Twitter account to share his opinion. The historic Weekly Close now means BTC is well-positioned for further upside according to Rekt Capital.
He also noted that the next phase of BTC price action will be more volatile than that came before in previous bull market years 2013 and 2017.
This week, Bitcoin network fundamentals continue to impress and the difficulty is leading the pack. Bitcoin’s most important feature is going from strength to strength. On Tuesday, it is set to seal a seventh consecutive increase. Many traders might not remember, but the last time that occurred was in 2019. Also, that increase will take difficulty back above 20 trillion for the first time in several months.
Some people may be against the Bitcoin ETF, but this week is all about the Bitcoin ETF. For many years, the U.S. Securities and Exchange Commission was not willing to approve such products. But that’s not the case anymore, as the SCE is preparing to witness the launch of ETF products both based on CME Group Bitcoin futures.
These lead up to a lengthy decision-making process, which begins in the near future, regarding physical Bitcoin ETFs. Currently, there is no guarantee the U.S. regulator will approve them. The market may end up disappointed once again.
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