Bitcoin prices held above $60K for most of the weekend, but a late Sunday slump threatened to wipe out recent gains. The dip to $59K did not last long, and BTC prices are marching higher again during the Monday morning Asian trading session.
The candle closed at $60,856, which is higher than the previous weekly high in early April.
Chart by TradingView
Back then, BTC prices pushed on to reach an all-time high of around $65K by mid-April. At current prices around $62K, Bitcoin is just 4% away from making a new record price high.
Bitcoin ETF Momentum Building
Recent momentum has been driven by the increasing likelihood of a Bitcoin futures exchange-traded fund finally being approved by the U.S. Securities and Exchange Commission.
October 18 is the day that the ProShares Bitcoin Strategy ETF could begin trading. On Oct. 19, The Invesco Bitcoin Strategy ETF may also be approved, marking the second in as many days.
The decision date for two more exchange-traded products from VanEck and Valkyrie is also approaching on Oct. 25, so there could be several of them launching around the same time.
The move is a big deal in the crypto industry as it legitimizes the asset class which has largely been frowned upon by financial regulators. The next step is to get a physically-backed Bitcoin ETP through the regulatory process, and Grayscale is already planning one according to reports.