Bitcoin Gears a Lift-Off Towards $65K as ETF Hopes Build

On Monday, Bitcoin hovers above the $60,000.00 and could accelerate higher to $65,000.00 as investors anticipate its exchange-traded fund (ETF) approval. 

The world’s largest cryptocurrency rallied 0.27% to 61,419.95 with a 24-hour change of $230.22. 

Currently, it holds a market capitalization of $1.16 trillion. Also, it has a 24-hour volume of $1.33 billion with a $59,055.50 low and $62,652.40 high. 

In the early trading, the BTC stayed above the $60,000.00 level. Consequently, it crossed the $61,500.00 and $62,000.00 resistance levels.

Accordingly, Bitcoin declined from the $60,000.00 support level and the 100 hourly simple moving average. Then, the downsides were minimal below the $58,800.00 level. 

Moreover, it cleared above the $60,000.00 level and settled beyond the 100 hourly simple moving average.

Then, the price crossed the 50.00% Fibonacci retracement level of the downward move from the $62,887.00 high to $58,888.00 low.

As of writing, the virtual currency is trading above the 76.50% Fibonacci retracement level. It is on a downward trend from the $62,887.00 high to the $58,888.00 low.

In addition, the initial resistance on the upside is close to the $62,500.00 level.

Correspondingly, the first major resistance is near the $62,850.00, and a clear break to it could lead to more price gains. 

Furthermore, the subsequent key resistance lingers inches away from the $63,500.00 level. A significant upward move could open a door for a surge towards the $65,000.00 level. 

Meanwhile, market participants focused on Bitcoin as its first future ETF could boost cryptocurrency trading volumes. 

Crypto Mostly Dropped as Bitcoin Hiked

Inversely, Ethereum plunged as most of the altcoins traded red. 

Subsequently, the ETH lost 3.00%  to $3,768.55, with a market capitalization of $442.46 billion and a 24-hour volume of $921.25 billion. 

Similarly, Ripple’s XRP declined by 4.54% to $1.08. It stands with a market capitalization of $108.40 billion and a 24-hour volume of $4.80 billion.

Consequently, Cardano tumbled 1.94% to $2.13 with a market capitalization of $69.17 billion and a 24-hour volume of $142.74 million. 

At the same time, the Polkadot shed 1.01% to $46.07. It has a market capitalization of $46.04 billion and a 24-hour volume of $1.86 billion. 

Likewise, Litecoin slumped 2.49% to $181.84 with a market capitalization of $12.51 billion and a 24-hour volume of $66.63 million. 

Correspondingly, Bitcoin Cash skidded 2.43% to $607.39. It holds a market capitalization of $11.46 billion and a 24-hour volume of $30.34 million.