Bitcoin Heads a Rally to $60K, ETF Approval on the Horizon

On Thursday, Bitcoin started a fresh rally to the $60,000.00 level as markets were still buoyant with the approval of Bitcoin exchange-traded funds (ETFs).

As of writing, the world’s largest cryptocurrency skyrocketed 4.29% to $57,277.29 with a 24-hour change of $2,353.65. 

Currently, it has a market capitalization of $1.08 trillion and a 24-hour volume of $1.47 billion with a $54,425.78 low and $58,518.60 high. 

In the early trading, Bitcoin established support near the $54,000.00 level, starting a firm increase. 

Consequently, it crossed the key $57,000.00 resistance and set foot again into a positive zone. 

Then, there is a break above a key bearish trend line with resistance near $56,500.00 on the hourly chart of the BTC/USD pair. 

In addition, the pair soared higher above the $57,500.00 level and remained over the 100 hourly simple moving average.

Remarkably, the virtual currency exceeded the 76.40% Fibonacci retracement level of the key drop from $57,835.00 high to $54,020.00 low. 

Also, the move opened doors for a fresh high above the $58,000.00 level. 

On the upside, there is an initial resistance to the $58,750.00 level. Then, the first key resistance could be alongside the $59,000.00 level. 

Furthermore, an acceleration above the $59,000.00 resistance could ignite the pace towards the $60,000.00 zone. 

Correspondingly, the succeeding major resistance is nearby the $60,000.00 level. 

Meanwhile, piles of Bitcoin ETF filings are still under review by the US Securities and Exchange Commission (SEC). 

Subsequently, ETFs registered under the Investments Company Act of 1940 were likely to be approved first. 

Crypto Hiked as Bitcoin Rallied

Moreover, Ethereum boosted 5.03% to $3,642.79 with a market capitalization of $427.63 billion and a 24-hour volume of $865.87 billion.

Also, Litecoin surged 5.33% to $179.19 with a market capitalization of $12.32 billion and a 24-hour volume of $87.43 million.

It is the same with Ripple’s XRP as it increased 3.02% to $1.12. It stands with a market capitalization of $112.37 billion and a 24-hour volume of $4.86 billion.

Likewise, Bitcoin Cash soared 3.13% to $597.50 with a market capitalization of $11.28 billion and a 24-hour volume of $25.88 billion.

Similarly, Chainlink skyrocketed 9.86% to $27.10. It holds a market capitalization of $27.10 billion and a 24-hour volume of $109.34 billion.

Furthermore, Cardano amplified 2.18% to $2.17 with a market capitalization of $70.29 billion and a 24-hour volume of $161.48 billion.