• Forex
  • Investments
  • Loyalty program
  • Promotions and contests
  • Analysis
  • Getting started
  • About us

BTC approaches all-time high

Bitcoin appreciated 7.54% against the dollar to $61,672 on Friday, October 15. Three upward-trending pulses were recorded during the day from $56,850 to $62,933. The first two pulses were ~5% each, and the third was 3%. Over the past week, the BTCUSD pair climbed 12.5%.

In recent days, the leading cryptocurrency has been on an upward trajectory amid rising inflation (investors have chosen it as a defensive asset) and expectations of a decision from the SEC on the approval of the ProShares Bitcoin Strategy ETF. This ETF will be based on Bitcoin futures that trade on the Chicago Mercantile Exchange (CME). Bitcoin demand has also increased due to the Form 8-A filing of the Valkyrie Bitcoin Strategy ETF for securities registration.

Price action rallied to $62,933 by the close on Friday (Binance). The last pulse came after news about the ProShares fund. The SEC has given its tacit approval to launching a Bitcoin ETF. Notably, 75 days have elapsed since the initial application was filed and the SEC did not reject it, which means the listing is allowed. Trading is scheduled to begin on Monday.

The good news is that buyers breached key resistance levels. Now they can easily pump up the price to all-time high of $70k. Over the weekend, price action corrected to $58,963 (-6.3%), a routine pullback. By the close, the price rebounded quickly to $61,528.

By the time of writing, Bitcoin reached a high of $62,695 on Monday, October 18. The external backdrop for cryptocurrencies still looks favorable. The next target for buyers is $71k. If retail players join in the uptrend, it is quite likely that price action will go up to $75k by year-end (including minor corrections). Ether is slipping under $4,000 as BTC is now front and center on investors’ radar.

There is one negative factor that could potentially lead to a shift in trading momentum. Bitcoin has been rising at a rapid pace. In 17 days, it has climbed 54% against the dollar (~3.2% per day). The faster the ascent, the steeper the decline. This has to do with the specific nature of the cryptocurrency market and its parabolic growth.

Latest reviews

Everyone has the chance to make a profit

You don't need to trade on your own to make a profit. Make a profit by entrusting your funds to experienced traders!

Register

There's a better website for you

A new exciting website with services that better suit your location has recently launched!

Sign up here to collect your 30% Welcome Bonus.