Bitcoin rallied 3.66% to $64,280 on Tuesday, October 19. Buying picked up during the North American session when the US stock market opened. The NYSE launched trading in shares of the first US Bitcoin-linked exchange-traded fund ProShares (ETF). It is the eighth-biggest US ETF provider by assets.
The first day of trading was successful. ETFs under the BITO ticker rose 2.5% to $41.94. From a low of $40.07, the fund’s price advanced 4.63%. On Wednesday, the premarket price remains at $41.94.
Bitcoin (BTC) is closing in on its all-time high of $64,854. The price is about $1,000 away from that mark. The medium-term trend still looks quite bullish. There are signs of buying weakness on short-term temporary TFs. Furthermore, selling is on the rise as sellers bet on a "double top".
The coast is clear on the daily TF up to $70k. Bitcoin’s dominance of the crypto market has increased to 47.26%. Barring surprises from regulators, that level could be tested by the end of the month. Support is located at $58,800.