The bitcoin rate approached $67,000, updating its all-time high. Bitcoin’s tothemoon is fueled by the listing of the first bitcoin ETFs on US exchange.
On October 20, during the trading, the bitcoin rate reached $66974.77. This is higher than the previous all-time high at $64,889 in April 2021. Bitcoin dipped below $29,000 in the summer on reports of a mining ban in China. Compared to the summer lows, the bitcoin rate jumped by 131% by October.
The main growth driver for the crypto market is the listing of shares of an exchange-traded fund (ETF) pegged to bitcoin futures. ProShares’ first Bitcoin ETF began trading on the New York Stock Exchange earlier this week, and Valkyrie’s Bitcoin futures ETF is expected to begin trading by the end of the week.
According to technical analyst Katie Stockton, founder of Fairlead Strategies, bitcoin could reach $89,000 in the coming weeks if it manages to overcome and gain a foothold above $67,000. Stockton noted that the dynamics of the bitcoin rate remain positive on all timeframes. Its 200-day moving average is rising, and bullish momentum indicators are also showing gains. According to Stockton, the BTC price will continue to rise in part due to the sentiment in the stock market, where traders are concerned about the increased risk of a collapse and unclear prospects for the world economy to recover from the post-pandemic crisis.