Bitcoin (BTC) launches into a new week determined to keep $60,000 as support — despite new all-time highs failing to last.
After a classic Sunday dip, bulls regained control and have managed to keep BTC/USD clear of sub-$60,000 lows.
With neither the April nor October all-time highs seeing a retest so far, however, investors are eager to see where Bitcoin is capable of going.
Expectations remain sky high — as much as $300,000 in the coming months, and even a continuation of the bull run well into 2022.
Bitcoin's "relentless spot bid"
A cool picture on global markets as U.S. stocks futures remain unmoved prior to the open.
Inflation continues to bite, and even the Federal Reserve admits that it could stay higher for longer. A separate row over taxing unrealized gains is also coming in for intense debate among crypto circles.
Beyond soaring commodities, however, the picture is cooler when it comes to Bitcoin price triggers, as a decoupling from macro moves has already long characterized BTC/USD.
Ahead of the launch of the third Bitcoin futures exchange-traded fund (ETF) Monday, more attention is being paid to gold — and traditional ETFs — and the threat that Bitcoin poses to them.
“If CME open interest jumping several places to number 1 globally in a matter of days this week is not a barometer for massive institutional interest, I don't know what is,” Charles Edwards, CEO of investment firm Capriole, commented last week.
“This is a changing of the guard.”
Edwards previously said that the futures-based ETFs would provide a “relentless spot bid” on Bitcoin, countering concerns about the instrument’s overall potency.
