Bitcoin price was on course to hitting the elusive $60,000 price mark on Friday, registering $59,950 at 0733GMT. The latest surge by BTC came after Bloomberg reported on Thursday that Bitcoin futures ETF had been approved by the Securities and Exchange Commission.
With various decision deadlines for the ETF futures approaching next week, the SEC is now considering about 40 Bitcoin ETF applications. Several of them are expected to be approved by the regulator, allowing trade to proceed. According to Bloomberg, two proposals submitted by ProShares and Invesco could be the first ones to be approved for launch.
The BTC futures approval rumours were based on the SEC’s tweet enlightening investors to consider the risks and rewards that can come from investing in BTC futures contracts.
Increased liquidity to favour BTC
In the meantime, as economies recover from Covid-19, there will be increased pressure on governments to issue more money, which will improve BTC prices. As things stand, the majority of western countries are issuing vast amounts of paper currency. As a result of the market’s increased liquidity, more people will invest their money in Bitcoin , making it a preferable hedge against inflation.
Elsewhere, the state of Texas is promoting itself as a top destination for Bitcoin mining and has recently signed two legislations supporting the industry. It’s also building infrastructure to accommodate crypto-related investors. Victims of China’s cryptocurrency crackdown are among those who being targeted by the move
Technical analysis for BTC price
The BTC/USD price is riding on a strong momentum, which has seen it rise past the 70 mark on the RSI scale. At this point, BTC price is right within the overbought territory, which could create some jitters among the bulls.
Nonetheless, BTC/USD could take advantage of the current bullishness to drive the price up to find resistance at $59,950. Beyond that point, the pair will be on course to take on the psychological barrier at $60,000. On the downside, the bears could pull down the price to the first support at $57, 416, while the second support could be at $55,926.
