Bitcoin Continues Higher
After Friday’s tremendous upside surge that took pricing $5,000 higher, we saw a break above resistance today that BTC closed below on Friday. Therefore, today’s continued bullish momentum can be viewed as just as big as last week’s.
BTC futures traded up by about 2.7% and hit an intra-day high of $50,000 before closing at around $49,400. A lot of attention has been given to the upcoming decisions on four proposed Bitcoin ETFs which have been postponed until the end of the year. Out of all of these proposal decisions, it is Valkyrie’s December 8th decision that has the highest likelihood of passing because it is based on Bitcoin futures rather than spot markets. Earlier this Year, SEC chair Gary Gensler stated that he would be more open to a Bitcoin futures ETF because he saw the futures markets as less prone to market manipulation.
After such a strong period of upward movement it is likely that we will see a slight pullback in the short term. However, If BTC can remain above the area that was previously resistance at $48,500, that would be a very bullish signal. If BTC can turn this into effective support then we should see a return to $52,000 to test resistance at that price point.