Bitcoin (BTC-USD) has crossed the $47,000 mark, marking its highest point since the approval of the spot
ETFs by the US Securities Exchange Commission (SEC) last month.
SEC approved 11 exchange-traded funds (ETFs) related to Bitcoin.
Yahoo Finance’s Markets Reporter, Jared Blikre, shares insights on the Bitcoin rally.
Bitcoin is making strides but hasn’t reached $50,000 just yet.
There’s still a gap of a few thousand dollars to cover.
A three-month chart reveals Bitcoin’s trading range since December.
Despite breaking the range earlier, there was a brief “sell the news” moment related to the Bitcoin ETF.
The current surge has similarities but has sustained for a few days.
The chart indicates that Bitcoin is comfortable around its current price level.
It’s crucial to observe how the price reacts as it approaches $50,000.
Focus on whether the price is accepted or rejected.
Rejection may result in significant tails, wicks, or shadows.
The significance of $50,000 is linked to price memory from 2022.
Clearing $50,000 opens the door to $55,000.
Examination of flows in spot Bitcoin ETFs is insightful.
Grayscale Bitcoin Trust has lost over $6 billion in inflows.
Despite being the oldest (founded in 2013) and having the most assets, it faces stiff competition.
iShares (IBIT) has attracted $3.5 billion in inflows.
Fidelity is closely following in terms of flows.
Issuers are showing strong interest in spot Bitcoin ETFs.
Bitcoin’s climb above $47,000 signifies the impact of SEC’s ETF approvals.
The journey towards $50,000 involves careful observation of price reactions.
The spot Bitcoin ETF landscape is witnessing shifts in flows, with Grayscale facing challenges from competitors.
The approval of spot ETFs has sparked increased interest from various issuers.
As Bitcoin heads higher, the cryptocurrency market continues to evolve, presenting both challenges and opportunities for investors.