Bitcoin rallied 2.68% to $66k by the end of trading on Wednesday, October 20. Price action climbed to $67k, smashing the all-time high of $64,854 set on April 14. The uptrend lasted 120 days and was equal to 132% of the low at $28,805. Last year, the price went up more than 301% and it is up 125% year-to-date. The distance between the peaks is 188 days.
Bitcoin has been on the rise for four weeks in a row. The key drivers are galloping inflation and the launch of Bitcoin ETFs. The ProShares Bitcoin futures-based ETF was approved last week. Today new broke that the U.S. Securities and Exchange Commission (SEC) greenlit an application for the launch of VanEck’s Bitcoin futures ETF. Trading is scheduled to begin on Monday, October 25.
By the time of writing, BTC was trading at $65,755 on the Binance exchange. The price retreated from earlier high as altcoins rose against BTC. Against this backdrop, the ETHUSD pair recovered to $4,329. Ether is closing in on its all-time high as well. The next target for Bitcoin is $68,500, and $4,445 for ether.