Bitcoin (BTC) is touching $30k in early turnover as ETF rumors continue to do the rounds. The technical outlook also looks promising for BTC bulls.
We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.The growing belief that a spot Bitcoin ETF is a matter of when not if, is pushing the largest cryptocurrency by market capitalization ever higher this week. On Monday a false rumor that the BlackRock ETF had been permissioned by the SEC sent BTC spiraling higher before the rumor was quickly proven to be false.
While the fundamental backdrop for Bitcoin may be built on growing hope, the technical picture has turned bullish this week. The long-dated moving average has been broken convincingly and has now turned from resistance to support. The midweek price action saw this moving average hold firm and today’s rally confirms that $28k should now be seen as support in the near-term at least. A series of higher lows and higher highs underpins the bullish outlook.
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