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BTC pares some losses

Bitcoin slid 5.77% to $62,193, and ether slipped 2.60% to $4,052 on Thursday, October 21. The leading cryptocurrency shed $3,808 on the day, and $5,000 from its ATH. The downtrend in Bitcoin broke out on the back of profit-taking in ether, after buyers reached a high of $4,375.

The SEC has given the green light to Bitcoin futures-based ETFs. ETF ProShares (BITO ticker) began trading on the NYSE on Tuesday, rallying to $43.94. ETFs have become a popular, approaching the limit on the number of futures contracts allowed by the Chicago Mercantile Exchange (CME). Shares fell 5.8% to $40.42 on Thursday. A confluence of factors came into play here:

- News about CME limits

- Profit-taking in BTC/USD and ETH/USD

- Risk aversion due to possible contagion from China Evergrande

The pre-market price of BITO rose to $40.83 on Friday. The BTCUSD pair recovered to $63,417 (the rebound was ~38.2% of the decline from $67,000 to $62,000). Although the daily bearish candle has engulfed the bullish bodies over the previous two days, the uptrend on the daily TF remains strong.

On the hourly TF, buyers need to again breach $64,300 and then $65,750. The longer the price trades below the $64,300 level, the greater the odds are that the correction will continue down to $60k.

China Evergrande Group averted default by making USD-bond payment before tomorrow’s deadline. Tensions have eased slightly, while demand for risk assets remains weak due to rising UST10Y yields.

The S&P 500 set an all-time high yesterday. Index futures continue to rise. The DXY index has been trading sideways for a couple of days. Market participants now await the opening of the North American session.

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