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Crypto market verging on new all-time highs - Bitcoin and Ethereum

The whole world is following the ETF epic, almost not believing in its happy ending. The crypto community has fought too long for the SEC's approval of the unique Bitcoin-ETF product. And now, the moment of truth has arrived. The U.S. Securities and Exchange Commission (SEC) is tacitly endorsing the launch of a product from ProShares.

Trading starts on October 19 on the New York Stock Exchange under the ticker BITO. Now, qualified market participants do not need to worry about where and how to invest in a crypto product. This is a big plus and a new step for the entire crypto community. With the approval of Bitcoin-ETF, other concessions will come.

According to the head of the NYSE exchange products department, a number of cryptocurrency-related products will soon receive approval. This signals that the SEC has revised its long-standing policy.

"This is an exciting step, but not the last," said Douglas Jones, head of NYSE's commodities division.

All of the above is a kind of driver for the market. Traders could have noticed how Bitcoin is growing since last week, when the first ETF approval rumors surfaced.

At such a moment, you should always be prepared for different scenarios. The build-up of long positions at one point or another will lead to a high level of overbought, where large players can regroup their portfolios, partially taking profits.

Based on the data obtained from the glassnode service, the volume of options on Bitcoin is in the area of a local maximum, just against the background of news on the launch of Bitcoin-ETF futures. Usually, such a bright movement in the extreme area signals an early correction.

Will this scenario repeat itself? Maybe not, but I am not saying that the upward cycle and FOMO on the crypto market will end.


What is happening on Bitcoin and Ethereum trading charts?

Since the beginning of October, Bitcoin has appreciated by more than 50%, which is a very strong price change in the market. The price recovery is happening so quickly that the quote is already on the verge of new all-time highs. We can already say that the maximum of $64,899 will be updated in the near future and it does not matter whether there will be a correction or not. The market has already set benchmarks for itself, new price levels await us.

In this situation, 2 scenarios are possible:

The first one comes from the ubiquitous FOMO, where the BTC quotes easily breaks through the local maximum of April 14 - $64,899. This leads to a movement towards the $70,000 - $75,000 levels.

The second scenario considers a local surge that breaks through/touches the high on April 14, and then a 5-15% correction occurs.

Both options are considered positive for the crypto market, as the upward trend continues to persist in the market.

As for Ethereum, there is a belated effect. The quotes strengthened by 34% in October, but the first key level, represented by the value of $4,000, was not broken. Thus, it serves as a variable resistance in the path of buyers. As soon as it is broken, the historical maximum of $4,372 will be immediately broken by market participants.

As follows from the above material, it can be seen that new achievements are still awaiting us by the end of 2021.


The index of emotions (aka fear and greed) of the crypto market is at 78 points, which is considered a positive signal for buyers. Lost profit syndrome is in full swing, this is indicated not only by the height of the index but also by the overall graph.


The material has been provided by InstaForex Company -