- Bitcoin rallied early Monday after falling over the weekend, ahead of expected U.S. exchange-traded fund approval.
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The largest cryptocurrency gained as much as 5.3% and was trading in Hong Kong at $62,180 at 11: 21 a.m. Its revenues fell both Saturday and Sunday to nearly $59,000. Bitcoin is in focus as the first futures ETF tied to the token could debut on Monday, according to a filing. Major levels being watched include the $60,000 threshold as well as the April record of $64,870.
Bitcoins will likely challenge its record highs amid the ETF debut, but it won t be surprising to see some profit taking come through around those levels as traders might look to sell the news, said Pankaj Balani, Chief Executive Officer of Crypto-derivatives exchange Delta Exchange, in a note Friday. While the volatility is high, how will the decision of Sterling settle for Bitcoin now? Bitcoin has more than doubled since the start of the year, though the ride has been volatile as the market confronts narratives from growing institutional adoption and greater asset-class maturity to a crypto crackdown in China and concerns about energy usage. Other cryptos gained on Monday, with second largest Ether up 5%. CoinGecko retakes third position in crypto market value after a rally of 17% in the last seven days, according to Binance Coin.com.
The technical setup for Bitcoin in its latest rally is a concern for Morgan Stanley's Rick Bensignor, the president of Bensignor Investment Strategies and a former strategist at bitcoin. Depending on Monday s price action it might make me think twice about buying Bitcoin now, particularly as bitcoin is against all time highs, he said in a note on Monday.
Bitcoin s 43% surge in October has allowed Crypto to hit overbought territory, according to relative strength index data.
But Bensignor added that open interest had dramatically increased on this October rally - meaning that there are lots of new shorts on this up move that remain badly under water - which still may need to get fully squeezed out before the buying might dry up. How can someone like Donald Trump, Elon Musk, and Gwyneth Paltrow Brainstorm Your Ability to Think Rationally?
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