Bitcoin Rallies Above $68K, Eyeing Key Resistance Amid Renewed Bullish Momentum
Bitcoin has surged past $68,000, maintaining its upward trend and testing crucial resistance levels. With a pivot point at $66,625...
Bitcoin has surged past $68,000, maintaining its upward trend and testing crucial resistance levels. With a pivot point at $66,625 serving as strong support, the cryptocurrency is targeting higher resistance levels of $70,467 and beyond.
U.S. SEC Clears Path for Bitcoin ETFs to Trade Options on NYSE
The U.S. Securities and Exchange Commission (SEC) has approved 11 Bitcoin ETFs to list and trade options on the New York Stock Exchange (NYSE).
With this green light, prominent funds like Grayscale Bitcoin Trust BTC, ARK21Shares Bitcoin ETF, and Fidelity’s Wise Origin Bitcoin Fund can now offer options contracts based on spot Bitcoin prices.
Options provide investors with the flexibility to buy or sell Bitcoin at a set price within a specific period, allowing for strategic exposure and risk management. This move is likely to appeal to institutional investors, expanding their toolkit for managing Bitcoin-related investments.
US SEC gives green light for options listing for spot bitcoin ETFs to NYSE https://t.co/tTvDkgOxo2 pic.twitter.com/hwcridRDCS
— Reuters (@Reuters) October 19, 2024
The SEC’s approval could also signal a positive shift in regulatory sentiment, potentially increasing investor confidence in the broader crypto market.
With options now available, traders can adopt more sophisticated strategies to manage risk or amplify their exposure, which may, in turn, spur greater demand for Bitcoin.
Robert Kiyosaki’s Inflation Survival Guide: Gold, Silver, and Bitcoin Over “Fake Money”
In Rich Dad Poor Dad, Robert Kiyosaki shares strategies for surviving inflation. He warns against relying on U.S. dollars, which he deems “fake money” after their devaluation in 1971.
Kiyosaki encourages consumers to seek out new financial mentors and leverage platforms like YouTube to deepen their financial knowledge. He also emphasizes giving back by teaching others once you’ve achieved success.
Amid concerns about market instability and global turmoil, Kiyosaki recommends investing in assets like gold, silver, and Bitcoin instead of traditional currency.
His labeling of Bitcoin as “real money,” alongside precious metals, signals his confidence in the cryptocurrency as a hedge against inflation and financial uncertainty.
Robert Kiyosaki Reveals His Secret to Surviving Inflation — Urges You to Do What He Did https://t.co/JO5maXqZwP
— Bitcoin.com News (@BTCTN) October 19, 2024
Kiyosaki’s caution about the future of the U.S. dollar could prompt investors to shift towards Bitcoin, potentially boosting demand and prices as people seek out stable, alternative investments in volatile times.
ECB Report Criticizes Bitcoin, Claims Older Holders Exploit New Investors
A recent report from the European Central Bank (ECB) claims that older Bitcoin holders profit at the expense of new investors by selling at higher prices, which it views as unfair. The report suggests that this practice contributes to wealth disparity and calls for stricter regulations or even an outright ban on Bitcoin to curb its rising value.
🚨 LATEST: ECB paper claims older Bitcoin holders are exploiting new holders
A recent paper published by the European Central Bank argued that Bitcoin should be regulated to prevent its price from rising or outright banned. pic.twitter.com/21Ggzg6JzA
— Cointelegraph (@Cointelegraph) October 20, 2024
Despite these claims, the U.S. Treasury maintains that cash remains the primary medium for illicit activities, although the ECB reiterates previous assertions that Bitcoin is primarily used in illegal transactions.
Notably, the report sidesteps Bitcoin’s role as a decentralized hedge against inflation, which has contributed to its value surge since its inception in 2009.
While the ECB’s critical stance may raise fears of tighter regulations, Bitcoin’s popularity and fixed supply could continue to drive its price higher. Paradoxically, the controversy surrounding the report might amplify attention and stoke demand for the cryptocurrency.
Bitcoin Tests Key Resistance as Bullish Momentum Builds Above $68K
Bitcoin’s price continues its bullish momentum, currently trading at $68,434. The pivot point stands at $66,625, reinforcing a key support level. Immediate resistance is observed at $70,467, with the next resistances positioned at $71,848 and $73,488. Meanwhile, immediate support is marked at $66,000, followed by $63,777 and $63,065.
Technical indicators suggest positive momentum. The RSI hovers near 60, indicating strength but not yet overbought. The 50-day Exponential Moving Average (EMA) sits at $63,065, highlighting a strong uptrend.
Conclusion: Bitcoin’s recent breakout above $66,625 signals bullish sentiment, with eyes on the $70,467 resistance level. Sustained momentum could target $71,848 in the short term.
Summary Points:
- Support Holds: Pivot point at $66,625 reinforces critical support.
- Bullish Momentum: RSI near 60 suggests strong market sentiment without overbought pressure.
- EMA Signal: 50-day EMA at $63,065 underlines a bullish trend continuation.
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