BTC price holds nearly $62,000 of this week’s Bitcoin ETF launch

By Selena On Oct 19, 2021

Bitcoin price surged to $62,000 as the first US Bitcoin Futures ETF is set to go live this week. The world’s largest cryptocurrency market capitalization gained around 2% as the total crypto market capitalization hit an all-time high of nearly $2.5 trillion on Monday. But at the time of writing, there is a tug-o-war at the $61,000 to $62,000 zone. BTC is changing hands at $61,837, a slight decrease in the last 24 hours.

BTC/USD 4-hour chart | Source: TradingView

Bitcoin price seems to be hovering in the $62,000 zone

Most of the price rally was attributed to the U.S. Securities and Exchange Commission’s (SEC) approval of the ProShares Bitcoin Strategy ETF on Friday, which will start trading on the New York Stock Exchange tomorrow. BTC rallied about 30% over the month as bullish sentiment improved ahead of the Bitcoin futures ETF announcement.

The charts above show strong price resistance around the $63,000 BTC all-time high reached in April, which could cap upside moves over the short term. Indicators also show price is the most overbought since July, which preceded a near 10% pullback.

Source: CoinMarketCap

The total cryptocurrency market capitalization reached an all-time high on Monday, just shy of $2.5 trillion. The previous attempt at an all-time high was in May, which preceded a sell-off in cryptocurrencies. However, the total crypto market cap remained above $1 trillion as the sell-off stabilized in July.

“Bitcoin is calmly sitting at the $61.8k level, and traders are showing a surprisingly low level of excitement. With euphoric commentary being tempered, it’s a good sign that prices can break records soon without FOMO halting momentum”, Santiment stated.

Source: Santiment

The overall cryptocurrency market cap now stands at $2.478 trillion, and Bitcoin’s Dominance is 47%.

Could the launch of a new ETF boost sentiment and push Bitcoin to a new all-time high, or will short-term traders book profits? Is it time for money to flow out of Bitcoin and into altcoins?

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