The launch of ProShares Bitcoin ETF has analysts predicting a target of $250,000 for the end of the cycle. Crypto traders have waited a long time to launch the Bitcoin futures ETF, and the upcoming rollout has triggered a rally in BTC price. Open interest in Bitcoin futures contracts on the Chicago Mercantile Exchange (CME) is considered an indicator of institutional interest in BTC. According to data from Bybt, a cryptocurrency derivatives analytics platform, open interest on Binance hit a high of $5.4 billion. A new all-time high on CME hascrossed $3.7 billion. In light of rising institutional investment, there is a spike in investment inflow in Bitcoin. Last week, Bitcoin futures observed an inflow of over $70 million as investors anticipated the Securities & Exchange Commission’s (SEC) approval of the ProShares ETF. This is the fifth consecutive week of inflows in Bitcoin investment products.

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES : (TECHNICALS)

Bitcoin failure to beat the all time high at 64600/900 leaves the biggest double top in crypto history. It does not guarantee a crash but could certainly trigger significant losses in the weeks ahead.

If you are trying shorts at the all time high, looking for a similar negative reaction to the one in April we initially target 63000/62950, perhaps as far as 61300/61000. Further losses target 59500/59000. We can also assume that the overbought conditions on the relative strength index in interday timeframes could pull the market lower towards 61.8% and 50% fibo retracement levels i.e 50794 and 46749. If Bitcoin wants to save itself from the tremendous fall, it would require to break above all time highs 64600/64900 to rally higher and enter a long term hawkish trend. 

Bitcoin Aims Higher !

Oct 20 2021