BTC / USD hit an intraday high of $ 64,500 on Coinbase on Tuesday
Bitcoin hit $ 64,500 on Tuesday, with the cryptocurrency’s value still approaching its all-time high of $ 64,805 in April.
Bitcoin’s price action on Wednesday included an intraday high of $ 64,399 on U.S. cryptocurrency exchange Coinbase, indicating a bullish desire to push to a new all-time high.
Crypto analyst Rekt Capital claims that Bitcoin’s surge above $ 64,000 saw the BTC / USD pair break the final resistance line before potentially entering price discovery. If so, Bitcoin could extend earnings up to $ 70,000 in the short term.
At the time of writing, Bitcoin is trading near $ 63,956 with a new daily close above Tuesday’s $ 64,303 likely to see the bulls push higher.
BTC price benefits from ETF news
BTC sees increased pressure from the buy side a day after the launch of the ProShares Bitcoin Futures ETF on the New York Stock Exchange under the ticker symbol BITO.
Data showed that the ProShares Bitcoin Strategy ETF attracted nearly $ 1 billion in daily trading volume on day one. According to TradingView, BITO opened at $ 40.88, saw 20.406 million shares of BITO traded that day, and had a daily close of $ 41.94.
The positive sentiment also follows an announcement from senior crypto asset manager Grayscale regarding its intention to convert its Bitcoin Trust into a BTC spot ETF.
According to Barry Silbert, CEO of Digital Currency Group, Grayscale and NYSE have “officially started the process”.
After falling below the critical level of $ 64,000 during early morning trading, the world’s largest crypto with a market cap of $ 1.2 trillion has broken through the resistance level and is expected to surpass the highest price of all the time.