Investors seem to be gaining their trust back after China’s ban on trading and mining crypto only caused a short lived drop in prices. Bitcoin is rebouding perfectly well as investors seem to be looking past the China Bombshell of September 24.
Last weekend there was a steady movement when the price of Bitcoin reached around the $55,000 level, and has since climbed again to $57.573 at the time of writing.
According to UK based digital asset broker, GlobalBlock, last week’s price broke out of the recent downtrend and everything seems to be pointing towards reaching a new all time high. “With technical indicators looking bullish, the next key resistance is at $60,000 and if it breaks through we could have an exciting run until Christmas”, they said. Bitcoin reached an all-time high price of $64,863 on April 14, 2021.
Ethereum’s technical indicators were showing slightly more bearish signs compared to Bitcoin, but it is normal that Bitcoin has a bullish shift first before others are pulled up after. Ethereum is currently trading at $3.785,95.
Globalblock also mentioned that Bitcoin ETFs are still a big talking point as Blockfi filed to offer a Bitcoin futures ETF. The SEC has previously shown that they are wanting a futures ETF rather than a spot ETF so Blockfi’s chances of approval are better. However, they are at the back of the queue with Proshares being the first to file for the provision of an ETF. Bloomberg has stressed that they believe that it is likely that one or two ETFs are accepted and has given the Proshares ETF 2:1 odd on approval by the end of the month.