Bitcoin Continues Higher

Today’s continued bullish momentum therefore 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 8^th decision which has the highest likelihood of passing because it is based off of 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 than we should be seeing a return to $52,000 to test resistance at that price point.