The next big moment has arrived. Bitcoin crosses its previous peak of $64,895 (₹48,63,514), clearing its way for it to reach the $100k (₹75 lakh) level.
The rise in the price of bitcoin is fuelled by the announcement of the launch of the Bitcoin Futures ETF. On its debut day, close $1 billion worth of ETF shares changed hands over the session, making it the second-most highly traded ETF in the market. Check the BTC to INR rate to see how much Bitcoin is trading at today.
This moment takes us back to the time when the CBOE Futures exchange announced the launch of the first Bitcoin Futures contract in December 2017. The market response then to the news was startling. Bitcoin prices went up from near $10,000 level to $20,000 level in just two weeks.
The launch of bitcoin’s Futures-based ETF is expected to bring significant inflows into the market. In the derivatives market, large open interest can be seen in call options with a strike price above $100,000, which indicates prevailing bullish sentiment in the market.
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Technical Charts: Bitcoin Price Analysis
Looking at the daily chart of bitcoin, we can see there exists a clear uptrend in the market. The 50 Day EMA line is providing immediate support to the bitcoin prices. And, the 50 Day EMA line staying above the 200 Day EMA indicates overall bullish sentiment in the market.
The major support areas include the region around $57,500 (₹42,88,000) and $52,500 (₹38,87,000). Since bitcoin is currently in uncharted territory, it is important to look for the psychologically important levels like the $70,000 (₹52,50,000), $75,000 (₹56,25,000), where the market is expected to experience some resistance.
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Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
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