The news about Bitcoin ETF has propelled the price of Bitcoin higher, and Bitcoin is all set to hit new all-time highs. The ETF in the US is a big thing because it provides another vehicle that will allow funds with specific mandates to get exposure to Bitcoin. Many funds may be limited by their mandates to not invest in futures contracts, or Bitcoin but the ETF is another option. Also, following the crackdown by China, validation for Bitcoin in the US paves the way for other major economies to look at it positively. India is a major example of such a country. The US is possibly looking at Bitcoin as innovative technology and the digital asset space can create many jobs. Moreover, different projects in this space are still evolving and therefore innovation in this space should be welcomed. China's backlash is being handled well by the US' openness for this space.
The ETF launched by ProShares will start trading tomorrow and should create demand for futures and hence Bitcoin. Hope there isn't a sell-the-news event that occurs here. I think Bitcoin ETF should be treated as the onset of more capital inflows into cryptocurrencies and therefore should push prices to new highs.
BTC's daily chart looks slightly overbought as indicated by the RSI. The bull flag did propel Bitcoin to levels above $50k and I believe there is still some steam left in Bitcoin based on the daily.
BTC's weekly chart, however, paints a completely different picture. RSI is nowhere near levels of December 2017 highs or $65k ATH made around the first quarter of this year. There is plenty of room left for Bitcoin to go and a break above $65k should send Bitcoin to significantly higher levels.
The short-term momentum is of course bullish. Bitcoin has been trending higher in a nice linear manner and positioned slightly above the trend line. Since all the charts are bullish, even if one is looking at a short-term trading opportunity, currently at $62k, Bitcoin presents a good buying opportunity.
Add to that all the buzz from the ETF and the $100k levels looks even more easily achievable than it did at the beginning of this year. I am quite excited about the ETF, simply because it gives me hope that India will too go the US' way rather than doing what China did. India is a big market for cryptocurrencies and the sooner it flourishes, the better.