Fresh Bitcoin ETF hopes back BTC’s swift rally above $40,000 Leave a comment

Hopes of an eventual BTC ETF approval and the rebound of a key support level pushed Bitcoin price well above the $40,000 level, but can the bulls sustain the current volume?

Crypto investors are seeing gains in Ether (ETH) and Bitcoin (BTC) on Aug. 5 after the successful launch of Ethereum’s London hard fork and a series of new Bitcoin exchange-traded fund filings, resulting in a rally that propelled BTC’s price 9% higher and caused Ether to gain 11.75%, which pushed the altcoin closer to the elusive $3,000 level.

Data from Cointelegraph Markets Pro and TradingView shows that after an early morning sell-off that saw BTC fall to $37,280, the bulls stepped in, and the ensuing high volume spike sent BTC price to an intraday high of $40,775.

Recent comments from United States Securities and Exchange Commission Chair Gary Gesler about the viability of a Bitcoin ETF were followed by several new ETF applications being filed on Aug. 5, and investors are hopeful that the chance of approval has increased. 

Related: Fed governor says CBDCs remain ‘a solution in search of a problem’

Regarding the current bullish price action, analyst Will Clemente posted the following chart to show BTC’s past performance and opined that “This would be a key level ($54k and rising) to watch for confirmation/rejection (2013 vs. 2017 reaction).”

Clemente added:

“In my opinion, this would be a key level ($54K & rising) to watch for confirmation/rejection. (2013 vs. 2017 reaction)”

The overall cryptocurrency market cap now stands at $1.662 trillion, and Bitcoin’s dominance rate is 45.6%.