The new Bitcoin ETF hopes to support BTC’s rapid rebound above $40,000


Crypto investors see the benefits of Ether (Ethereum) And Bitcoin (Bitcoin) After today Successfully launched the Ethereum London hard fork And a series of New Bitcoin ETF file, Which caused the price of BTC to rise by 9% and the price of Ether to rise by 11.75%, thus pushing the altcoin closer to the elusive $3,000 level.

Data from Cointelegraph Markets Pro and Transaction view It shows that after the early morning sell-off caused BTC to fall to US$37,280, the bulls stepped in, and the subsequent surge in high volume pushed the BTC price to an intraday high of US$40,775.

BTC/USDT 4-hour chart. source: Transaction view

After the US Securities and Exchange Commission Chairman Gary Gesler recently commented on the feasibility of a Bitcoin ETF, several new ETF applications were filed on Thursday, and the chances of investors hoping for approval have increased.

related: Fed governor stated that CBDC is still “looking for a solution to the problem”

Regarding the current bullish price trend, analyst Wil Clement Post The chart below shows the past performance of BTC and points out that the yellow line “acts as a resistance to the dead cats in 2017, the support in January 2021, and the level where the price once fell below in May.”

The top/bottom model of Bitcoin. source: Glass node

Clement added:

“In my opinion, this will be the key level to focus on confirmation/rejection ($54,000 and up). (Reactions in 2013 and 2017)”

The overall cryptocurrency market value is now $1.662 trillion, and Bitcoin’s dominance rate is 45.6%.

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