Bitcoin breaches $60,000 with conviction as traders eye up new all-time high
Bitcoin broke through the $60,000 mark moments ago, as rumours of an official green light for a Bitcoin futures exchange-traded fund gathered pace.
The flagship cryptocurrency threw a fleeting wick above $60,000 in the early hours as news emerged that the Securities and Exchange Commission – the US’s financial lawmaker – was ready to give the thumbs up to the first Bitcoin ETF.
The rumour saw the price of Bitcoin shift dramatically from $57,000 to bounce off the underside of $60k for much of the day where it made the occasional, albeit split-second, sortie above the line.
READ MORE: SEC looks set to approve Bitcoin ETF
As the US began to wake up, news of the SEC’s intentions spread like wildfire, carrying Bitcoin above $60,000 – with some degree of conviction, but also with signs of potentially-robust resistance.
If this current resistance – which has seen the price repeatedly flung above and below $60k during the last hour – can be overcome, it will whet the appetites of many analysts and traders with the prospect of BTC now being within sniffing distance of the $64,899 figure it peaked at on April 14.
That all-time high came on the back of Tesla CEO Elon Musk’s repeated tweets about Bitcoin – particularly how his electric car company would be accepting the original cryptocurrency as payment.
READ MORE: Bitcoin rocked by Elon Musk’s dramatic Tesla announcement
The high was, however, short lived as the South African entrepreneur soon backed down, citing the environmental cost of Bitcoin mining as a reason to u-turn on the announcement.
Within days, BTC fell back to $56k before a dramatic slump in May left it almost $25,000 down.
A return to bullish form arrived at the start of October when Bitcoin eased itself up from $48,000, steadily rising to the mid-fifties.