Bitcoin briefly broke above $60,000 across all major cryptocurrency exchanges today.
Investors are bullish on the potential approval of the first Bitcoin ETF in the U.S.
Further buying pressure could push BTC toward $80,000.
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The top cryptocurrency is continuing its ascent amid rumors of a potential Bitcoin futures ETF approval. While buy orders are piling up, transaction history shows that BTC could be on the path to reaching new all-time highs.
Bitcoin Targets New All-Time Highs
Bitcoin briefly crossed $60,000 across all major exchanges this morning, signaling that new record highs could be on the horizon.
The flagship cryptocurrency has gained over 2,600 points in market value over the past few hours as speculation mounts about a potential Bitcoin futures ETF approval. The U.S. Securities and Exchange Commission’s Office of Investor Education and Advocacy recently encouraged investors to “weigh the potential risks and benefits” before investing in the pioneer digital asset.
Although the note refers to an investor bulletin published in mid-June, sources familiar with the matter have affirmed that the federal agency may allow a Bitcoin futures ETF to begin trading as soon as next week.
From an on-chain perspective, whales appear to be preparing for a positive outcome. Addresses holding 100 to 100,000 BTC have bought over 30,000 BTC worth roughly $1.8 billion in the last three days. Meanwhile, more than 10,000 BTC have been removed from known cryptocurrency exchange wallets within the same period.
While the buying pressure behind Bitcoin continues to increase, IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model shows there are no supply barriers ahead. The only considerable interest area sits at $63,000, where 62,000 addresses have previously purchased more than 50,000 BTC.
Due to the recent buying activity among whales, it’s possible that Bitcoin could hit a new all-time high of $80,000 after breaching the $63,000 barrier.
It is worth noting that a delay in a Bitcoin-related ETF approval in the U.S. could disappoint investors and increase selling pressure. Under such unique circumstances, the IOMAP shows that the most significant support level underneath BTC sits at $55,700. Failing to hold above this crucial demand wall could result in a steep decline toward $50,000.
Disclosure: At the time of writing, the author of this feature owned BTC and ETH.
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