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Bitcoin: Another Correction or Great Pump?

Bitcoin: Another Correction or Great Pump?

Updated

Fundamental news

The US Securities and Exchange Commission (SEC) has approved an exchange-traded fund called the Volt Bitcoin Revolution ETF. The fund, run by San Francisco-based Volt Equity, will provide retail investors with access to stocks of companies that hold a significant portion of the cryptocurrency on their balance sheets.

In its initial filing in June, Volt indicated that 25% of the ETF's assets would be in MicroStrategy (the largest publicly traded bitcoin holder). In an interview with Decrypt, Votl founder Ted Park said the percentage will be lower if the fund will be listed on the New York Stock Exchange in the coming weeks.

At the same time, the US Securities and Exchange Commission continues to delay decisions on other Bitcoin ETFs. The regulator fears the manipulation of the cryptocurrency market.

Technical analysis

Bitcoin Daily chart

BTCUSDDaily1.png

On the daily chart, Bitcoin price broke through the upper border of the flag pattern.  It’s a bullish signal for the whole cryptocurrencies market. We expect Bitcoin’s big rally in the Q4 of 2021.

BTCUSDDaily.png

Also, on the daily chart, we can notice that the price has met significant resistance and it got rejection out of it already two times. That’s why we expect a correction before the next pump down to $52 500 $50 500 support levels, which could be a perfect long trade entry points.

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