Bitcoin Price Forecast as ETF Launch Pushes It to New All-time Highs

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Bitcoin price on Wednesday rallied to new all-time highs of about $66,974 before pulling back later to settle at $66,945. The price of the pioneer cryptocurrency skyrocketed within an ascending channel formation in the 60-min chart.

Bitcoin rallied to the overbought conditions of the 14-hour RSI before pulling back later to trade in the normal trading zone. The BTC/USD remains pinned several levels above the 100-hour moving average.

Bitcoin Fundamentals Overview

From a fundamental perspective, the BTC/USD is trading at the back of a relatively busy period surrounding the pioneer cryptocurrency. On Tuesday, ProShares launched a futures bitcoin ETF, ProShares Bitcoin Strategy ETF (BITO), becoming the first bitcoin exchange-traded fund tradable on the US stock exchange. The launch of this ETF gives traditional investors an easier way to invest in the world’s largest cryptocurrency by investing in the fund that tracks its performance.

As a result, bitcoin responded by spiking to new all-time highs, amid the BITO chatter. Moreover, with the US market yet to release significant economic data that could potentially boost the greenback against the BTC this week, the BTC/USD continued to soar amid the ETF tailwinds. By allowing more investors to invest in bitcoin indirectly increases the popularity of the BTC, thus proving a brighter outlook.

Bitcoin Price Technical Analysis (the 60-min Chart)

Technically, the BTC/USD appears to be trading within an ascending channel formation in the 60-min chart. Bitcoin recently rallied to the overbought conditions of the 14-hour RSI, indicating a significant short-term bullish bias.

Therefore, the bulls will be looking to stretch the current gains towards $66,974 or higher to $66,699. On the other hand, the bears will be targeting potential pullbacks at $64,329, or lower at $62,645.

Bitcoin Price Technical Analysis (the Daily Chart)

In the daily chart, the bitcoin price seems to have recently spiked within a sharply ascending channel formation. The BTC/USD has since rallied to the overbought conditions of the 14-day RSI, creating a perfect opportunity for a temporary pullback.

Therefore, the bears will be targeting potential pullbacks at about $58,856, or lower at $51,193. On the other hand, the bulls will be looking to ride the current rally towards $77,785 or higher to $80,067.

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