Bitcoin is heading with conviction towards the $ 60,000 zone. At the time of writing, the price of BTC is trading at $ 57,681 with a 4% profit in the weekly and daily charts.
BTC moving sideways in the daily chart. Source: BTCUSD Tradingview
General sentiment in the market remains bullish as Bitcoin has managed to shake the bears over the past few days. Savvy traders and investors have called recent BTC price action the start of the "Bitcoin season.
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During this period, BTC takes over and mobilizes by absorbing capital from 'other cryptocurrencies. As a result, Bitcoin's dominance tends to increase, since mid-September it has stood at 44.65% of the overall crypto market.
Source: BTC.D Tradingview
This metric is far from its pre-crash levels, but could continue to rise in the coming days, suggesting further appreciation of Bitcoin.
In a report, QCP Capital pointed out the importance of a potential BTC-based Exchange Traded Fund (ETF) in the United States. States. This event is likely due to the current bullish price action impacting the crypto market.
The US Securities Market Commission (SEC) has postponed the decision to approve or reject, their usual decision in the past, a Bitcoin ETF at the semgroin next.
The market appears to be heading toward approval based on certain statements made by SEC Chairman Gary Gensler. The regulator said it would be more inclined to approve a Bitcoin ETF based on Chicago Mercantile Exchange (CME) futures.
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QCP Capital explained the effect of these claims on the market:
Bitcoin at a crossroads, new capital price in ETF decision
Additional data provided by QCP Capital showed that institutional investors entered the market after taking into account a potential approvale of Bitcoin ETF. As seen below, the CME futures premium is trending upward, especially after Gensler made his optimistic comments.
Source:Skew via QCP Capital
In this sense, the SEC decision could trigger two of the following scenarios for Bitcoin. In the bullish scenario, ETF approval will lead to a new wave of institutional demand for BTC, QCP Capital expects.
In a second scenario, Bitcoin will face another event "Buy the rumor, sell the news" with potential for further downside and retesting its support levels.
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As seen below, QCP Capital has underlined the dynamics of the BTC options markets with the "departure risk reversals" tending to the decline. This suggests a lot of uncertainty among investors and a "dominant downside nervousness". The company has declinedare:
Source: QCP Capital
The firm has set its goal on Monday, next week. If the event is to favor bears, it is posThe weekend price action is likely to reveal what will happen in the days to come. QCP Capital declared: