Bitcoin: Another Correction or Great Pump?

Bitcoin: Another Correction or Great Pump?

2021-10-25 • Updated

Fundamental news

The US Securities and Exchange Commission (SEC) has approved an exchange-traded fund called the Volt Bitcoin Revolution ETF. The fund, run by San Francisco-based Volt Equity, will provide retail investors with access to stocks of companies that hold a significant portion of the cryptocurrency on their balance sheets.

In its initial filing in June, Volt indicated that 25% of the ETF's assets would be in MicroStrategy (the largest publicly traded bitcoin holder). In an interview with Decrypt, Votl founder Ted Park said the percentage will be lower if the fund will be listed on the New York Stock Exchange in the coming weeks.

At the same time, the US Securities and Exchange Commission continues to delay decisions on other Bitcoin ETFs. The regulator fears the manipulation of the cryptocurrency market.

Technical analysis

Bitcoin Daily chart

BTCUSDDaily1.png

On the daily chart, Bitcoin price broke through the upper border of the flag pattern.  It’s a bullish signal for the whole cryptocurrencies market. We expect Bitcoin’s big rally in the Q4 of 2021.

BTCUSDDaily.png

Also, on the daily chart, we can notice that the price has met significant resistance and it got rejection out of it already two times. That’s why we expect a correction before the next pump down to $52 500 $50 500 support levels, which could be a perfect long trade entry points.

TRADE NOW

Similar

Is The Crypto Market Ready to Recover?
Is The Crypto Market Ready to Recover?

Recently, on the 16th of January, 2023, Thailand Securities Exchange Commission issued fresh rules in its continued efforts to protect investors' assets and build confidence in the crypto space. It comes right after Bitcoin surged above $20k. However, is this enough to kickstart a full recovery for crypto coins?

TRADE IDEA: Technical Breakdown of Top Cryptos
TRADE IDEA: Technical Breakdown of Top Cryptos

Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.

How Deep Can the 'DIP' Get?
How Deep Can the 'DIP' Get?

Over the last few weeks, a lot has happened in the crypto space and all does not seem to be well anymore for many. Usually, the word 'dip' refers to a slight retracement in price before the continuation of a trend, however, what we've seen so far on several crypto charts suggest otherwise. In this article, we examine the grounds for the resurrection of three of the mainstream cryptocurrencies

Latest news

Bitcoin & Gold - Safe Haven Amid Bank Crisis
Bitcoin & Gold - Safe Haven Amid Bank Crisis

Investor confidence in the global financial system has been shaken by the collapse of Silicon Valley Bank and Credit Suisse. As a result, many are turning to bearer assets, such as gold and bitcoin, to store value outside of the system without...

How Will FOMC Meeting Affect the Markets
How Will FOMC Meeting Affect the Markets

As expected, the Federal Reserve hiked the key US interest rate by 25 basis points for the second straight time during its two-day meeting ending March 22. The unanimous decision of the FOMC came amid major central banks' commitment to fighting inflation while maintaining economic...

Is JPY Ready to Reclaim All-Year High?
Is JPY Ready to Reclaim All-Year High?

Between October 2022, and January 2023, the Japanese Yen outperformed several other currency pairs, resulting in over a thousand pips move on pairs like EURJPY, GBPJPY, and 2000-plus...

Deposit with your local payment systems

Feel the Team Spirit

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera