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Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.

For years, dozens of companies have applied to have an ETF approved by the SEC. Delayed once again, now is a good time to explore what would happen if either Bitcoin ETF or futures-based Bitcoin ETF were to launch.

Bitcoin Starts October with Sharp Rally

As we were leaving a historically underperforming September, Bitcoin rapidly recovered. Rising from $41k on September 28th, to $47k on October 1st, Bitcoin saw a 14.6% increase in just three days. It appears that $47k is Bitcoin’s current resistance level, with $45k a possible dip down the line.

Interestingly, when Michael Saylor bought 3,907 BTC at that price range, on August 24, we had speculated that $45k could be the new BTC bottom. Moving forward, BTC price would have to overcome the previously hard resistance of $50k to regain lost ground prior to the Musk/China FUD combo.

Bitcoin recovers from September’s flash crash but is still a long way from pre-April support, image credit: TradingView

The question is, which piece of news could break through the resistance? Social media speculation usually gathers around these possible factors.