Bitcoin (BTC) just refused to die this week as the fall below $ 60,000 only lasts an hour and the bears are burning again.

After a rather calm weekend, there was a typical downturn on Sunday, after which the BTC / USD rate rebounded sharply in just an hour.

However, Bitcoin not only kept its bullish run, but closed at its highest level in an entire week – around $ 61,500.

As the market prepares for the eventual launch of the first exchange-traded bitcoin funds (ETFs) in the US, analysts say volatility is fully guaranteed.

This week, Cointelegraph will be looking at five things to keep in mind as BTC / USD hits record highs and institutional access makes a historic leap forward.

Bitcoin gives less than an hour to buy off
When the race to record heights seemed to hit a stumbling block, Bitcoin surprised everyone again in the blink of an eye.

Having lost $ 60,000 late Sunday night, the bulls did not have time to weaken the price of BTC, and before BTC / USD hit the $ 59,000 mark, they began to buy massively.

A few hours later, the couple returned, and not only for 60 thousand dollars, but also for 62 thousand – and at the time of this writing, they lived there.

This episode did not even influence the closing of the week for Bitcoin, which, despite its volatility, remains the number one in history at around $ 61,500.

“The historical weekly close now means that Bitcoin has good room for further growth,” summed up a trader and analyst at Rekt Capital on Monday.

He added that the next phase of Bitcoin’s price movement will be “more volatile” than it was before, in line with previous years in the beef market in 2013 and 2017.

Weekly candlestick chart BTC / USD (Bitstamp). Source: TradingView
As many analysts celebrate the weekly close, the opening of the US market could also create a buzz.

The launch of the first ever Bitcoin ETF on Monday, with the blessing of US regulators, as BTC / USD is below $ 3,000 of all all-time highs.

On the derivatives side, the prices of inter-exchange financing have also dropped since last week, easing those worried about the erratic recovery that led to the sudden turnout.

Bitcoin finance price chart. Source: Bybt
ETFs are a wrist, but not for everyone
Like it or not, this week is all about Bitcoin ETFs.

As rumors of a green light for regulation in the US began to circulate late last week, Bitcoin’s price action has intensified – and the trend looks set to continue this week.

After years of rejection, the Securities and Exchange Commission (SEC) is preparing to launch two ETF products based on CME Group’s Bitcoin Futures.

This starts with a lengthy decision-making process that begins next month for real Bitcoin ETFs – those with BTC as the main asset, which is a real topic for analysts.

There is no guarantee that traditional exchange-traded funds will be approved, and there is great concern that the market might become disappointed again.

However, after the decision was made on several bids, the SEC still had six months to go before the breakout.

Bitcoin ETF approval schedule. Source: Arcane Research
Optimism remains that the situation will turn in favor of the crypto industry this week, as shades of gray confirm that it will seek to convert the flagship product of the bitcoin fund into an ETF.

The Grayscale Foundation, the Grayscale Bitcoin Trust (GBTC), has itself been the subject of discussion in recent weeks and has been trading at increased discounts to pinpoint BTC amid fears of institutional clients voting with their feet ahead of launch. ETF.

Previously, high fees are an example of the competitive advantage debate, while some have noted that futures-based ETFs by definition will not work as a viable alternative.

“First, most institutional players have direct access to CME futures contracts. Usually the main reason they choose to trade ETFs over futures is to avoid tracking errors (versus spot price) due to moving costs or variances in futures. Prices to be deferred or rejected, “Cryptocurrency exchange QCP Capital added a message to its Telegram subscriber channel on Friday.

“So having an ETF based on CME futures negates the ETF’s main advantage – tracking the spot price as accurately as possible.”
The difficulty is set to the seventh step in a row.
The backbone of the Bitcoin network continues to impress this week, with package launch difficulties.

Bitcoin’s most important key feature is undoubtedly gaining ground and will make its seventh consecutive rally on Tuesday. The last time this happened was in 2019.

This increase will return the complexity.

Source: CoinTelegraph

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