BITCOIN (BTCUSD) – Week 41 – New all-time high?
The crypto market and analysts are pretty confident about the arrival of the first Bitcoin ETF in the U.S. ahead of this month. As per the latest Bloomberg report, there’s every possibility that four Bitcoin ETFs could be coming ahead this month. SEC Chairman Gary Gensler has recently suggested a possibility of getting a Bitcoin ETF that tracks Bitcoin futures. Meaning, these ETFs will hold bitcoin futures offered by the CME Group rather than the underlying asset.
A filing with the Securities and Exchange Commission (SEC) shows that Senator Cynthia Lummis (R-WY) purchased between $50,001 and $100,000 BTC on August 16. Bitcoin on this day cost over $46,000, according to the crypto price tracking website CoinGecko. Lummis has been a noted pro-bitcoin voice in Congress, establishing the Financial Innovation Caucus to educate members of the Senate on crypto and regularly speaking out on crypto-related issues.
Technically, Bitcoin behaved as we said in the last weekly report. We forecasted a move to the upside and it happened. For this week we see a continuation of the bullish momentum after a correction in this area. The correction may reach the first support area marked on the chart at $50k. We don’t have any reason for now to believe that the price will reverse and make another impulsive move to the downside.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
A filing with the Securities and Exchange Commission (SEC) shows that Senator Cynthia Lummis (R-WY) purchased between $50,001 and $100,000 BTC on August 16. Bitcoin on this day cost over $46,000, according to the crypto price tracking website CoinGecko. Lummis has been a noted pro-bitcoin voice in Congress, establishing the Financial Innovation Caucus to educate members of the Senate on crypto and regularly speaking out on crypto-related issues.
Technically, Bitcoin behaved as we said in the last weekly report. We forecasted a move to the upside and it happened. For this week we see a continuation of the bullish momentum after a correction in this area. The correction may reach the first support area marked on the chart at $50k. We don’t have any reason for now to believe that the price will reverse and make another impulsive move to the downside.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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