Several documents have been pointed towards the inevitable approval of Valkyrie’s Bitcoin exchange-traded fund, or ETF. This has initiated some major optimism- bordering on euphoria in the cryptocurrency market, as the application would be approved by the United States Securities Exchange Commission before the month ends.
According to data that was secured from TradingView and Cointelegraph Markets Pro, the price action for BTC has been shown to increase in the early hours of trading on Friday, with the market bulls managing to bring about an intraday high at $61,880- which marks the first time the cryptocurrency surpassed $60,000 since April.
Bitcoin On the precipice of a massive breakout
According to Rekt Capital, a pseudonymous analyst for cryptocurrency and a popular Twitter user, the move of Bitcoin on the 15th of October has its trading just under a major level of resistance that will be the very last barrier that stands in its way from veering into territory that has been previously uncharted.
From the perspective displayed, if the cryptocurrency can manage to bring its price for a weekly close above a certain level, there is this potential for an exponential upside as the price discovery will not be hampered by bringing about previously set up zones of resistance while the market bulls will attempt to fulfill the demands for a BTC price of $100,000.
A more practical perspective of the recent price action of Bitcoin was put forward by pseudonymous Twitter user and crypto trader Pentoshi, who stated that the cryptocurrency has now moved out the macro lower high from when it topped and has started creating lower lows and lower highs. Currently, the cryptocurrency has created looks to form a new trend of higher lows and higher highs.
Currently, the overall market capitalization of cryptocurrency stands at $2.443 trillion, with the dominance rate of Bitcoin set at 46.4%.