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Crypto: Bitcoin nears $60,000 but a bitcoin futures ETF approval is likely already priced in, one analyst says

Bitcoin is inches away from $60,000 and not far from its all time high seen back in April this year.

The cryptocurrency
BTCUSD,
+4.00%

rose to $59,961 early Friday New York time, according to CoinDesk data. Bitcoin is recently trading at $59,432, up 3.11% over the past 24 hours. The number is still about 8.4% away from its all-time high of $64,889 in April.

Bitcoin surged more than 3% after Bloomberg reported Thursday citing sources that the Securities and Exchange Commission is poised to greenlight the first U.S. bitcoin futures exchange-traded fund. The regulator is not likely to block the funds from starting to trade next week, according to the report.

Bitcoin also rose about 2% in the early afternoon on Thursday, after the SEC’s investor education office sent a tweet warning investors to weigh the risks and benefits of investing in a fund that holds bitcoin futures contracts. Some investors took it as a signal that a bitcoin futures ETF could get approval imminently.

The SEC may either approve, reject or delay the proposals for bitcoin futures ETFs filed by ProShares, Valkyrie Investments, Invesco and VanEck in the next two weeks.

“Bitcoin blockchain data, with the 200-day and 100-day MAs poised to form a bull cross and the spike in the illiquid supply, do give reasons to be very bullish in the medium term and suggest that BTC is ready for a strong move upwards,” Mikkel Morch, executive director at crypto hedge fund ARK36 wrote through email.

A bull cross refers to a bullish chart pattern when a relatively short-term moving average crosses above a long-term moving average. 

“However, a Bitcoin ETF approval is likely already priced in at this point,” Morch wrote.

Ether
ETHUSD,
+0.75%

is trading at $3,780, up 1.1% over the past 24 hours. XRP
XRPUSD,
-1.13%

is trading at $1.1, with a 1.5% loss over the past 24 hours. Cardano
ADAUSD,
-0.50%

saw a 2.18% loss, trading at $2.2. Dogecoin
DOGEUSD,
-1.63%

is trading at $0.23, down 4.02%.

Read more: A major crypto hedge-fund manager expects bitcoin to tumble once the SEC greenlights a bitcoin-backed ETF — here’s why

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