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Bitcoin retraces to recent highs

Bitcoin fell 2.77%, to $53,785 on Thursday, October 7. The session was marked by a correction, following a 10% rally on October 6. The decline was 38.2% of the uptrend from $50,382 to $55,750.

On Friday, the BTCUSD pair retraced to a high of $56,100.  Upside reached 4.57% in four hours. The leading cryptocurrency rallied on news that the U.S. Securities and Exchange Commission (SEC) has approved an exchange-traded fund called the Volt Bitcoin Revolution ETF. The SEC continues to postpone decisions on other ETFs.

The San Francisco-based fund will offer retail investors exposure to companies that hold a significant amount of Bitcoin on their balance sheets. The ETF (ticker: BTCR) will consist of roughly 30 stocks (MicroStrategy, Tesla, Square, Coinbase, PayPal, Twitter, etc.)

By the time of writing, Bitcoin was trading at $54,860. The US NFP report just came out. The data turned out to be mixed. The DXY index reacted to the report with a decline, while major currencies moved higher.

The external backdrop for cryptocurrencies remains positive. After the big miss on NFPs, the dollar is under pressure, while index futures turned positive. If this dynamic persists until the close, $57k and $60k could be in the cards on Monday.

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