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BTC closes in on psychologically important $60k level

On Thursday, October 14, the BTCUSD pair closed near Wednesday’s closing level. Bitcoin fell 0.03% to $57,343. In the three main trading sessions, price action traded in the $56,800-$58,500 price range (flat after an 8% rally from $54,167 to $58,532 on Wednesday).

Buying picked up early on Friday morning as price action jumped 5% to $59,998. BTC futures rose to $60,100. Buying activity shot up on rumors that the U.S. Securities and Exchange Commission (SEC) is poised to allow the first US Bitcoin futures exchange-traded fund (ETF) to begin trading next week, based on previously submitted applications. This news was reported by Bloomberg.

In a tweet, the SEC shared an investor education bulletin for investing in Bitcoin, which was first published on June 10. The educational material is being considered as a confirmation that a Bitcoin futures ETF approval may soon be in sight. The Bloomberg report also notes that key sources have said the SEC will no longer oppose Bitcoin futures ETFs.

If US regulators give the green light to three bitcoin ETFs backed by futures, they could start trading on US exchanges as early as this month. The ProShares Bitcoin Strategy ETF application will be reviewed on October 18, that of Invesco Bitcoin Strategy on October 19, and that of Valkyrie Bitcoin Strategy on October 25. Meanwhile, dozens of cryptocurrency exchange products have been launched in Canada and across Europe.

The BTCUSD pair rebounded to the psychologically important level of $60k, just 9.38% below its all-time high. By the time of writing, Bitcoin was trading at $59,268. The external backdrop for the leading cryptocurrency remains positive. Based on the current sentiment, buyers could pump up the price to $64,854. Altcoins are also gaining against the dollar, albeit at a slower pace. Bulls are buying Bitcoin for alts. BTC’s domination of the cryptocurrency market increased to 45.84%. The bulls will likely target $60,800 on Friday. Over the weekend, buyers will set their sights on $62,500 (taking into account intraday corrections).

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