Fresh Bitcoin ETF hopes back BTC’s swift rally above $40,000

Hopes of an eventual BTC ETF approval and a rebound off a key support level pushed Bitcoin price well above the $40,000 level, but can the bulls sustain the current volume?

Crypto investors are seeing gains in Ether (ETH) and Bitcoin (BTC) today after the successful launch of Ethereum’s London hard fork and a series of new Bitcoin ETF filings resulted in a rally that propelled BTC price 9% higher and Ether gained 11.75% which brings the altcoin closer to the elusive $3,000 level.

Data from Cointelegraph Markets Pro and TradingView shows that after an early morning sell-off that saw BTC price fall to $37,280, bulls stepped in and the ensuing high volume spike sent BTC price to an intraday high at $40,775.

Recent comments from the United States Securities and Exchange Commission Chair Gary Gesler about the viability of a Bitcoin ETF were followed by several new ETF applications being filed on Aug. 5 and investors are hopeful that the chance of approval has increased.  

SEC chairman said he’d be more open to a #Bitcoin ETF if it was based on futures.

24hrs later, both Invesco and ProShares have filed Futures-based #Bitcoin ETFs.

LFG!

— Bitcoin Archive (@BTC_Archive) August 5, 2021

Related: Fed governor says CBDCs remain ‘a solution in search of a problem’

Regarding the current bullish price action, analyst Will Clemente III posted the following chart showing BTC’s past performance and noted that the yellow line “served as resistance to the 2017 dead cat, support in January 2021, and the level that price dropped once broken through in May.”

Clemente said:

“In my opinion, this would be a key level ($54K & rising) to watch for confirmation/rejection. (2013 vs. 2017 reaction)”

The overall cryptocurrency market cap now stands at $1.662 trillion and Bitcoin’s dominance rate is 45.6%.

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