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Steadily and somewhat quietly, the world’s biggest cryptocurrency, is clawing upward.
Cboe’s Bitcoin futures (@XBT) traded as high as 8390 this morning, a level last seen on May 22. They’re up more than 30 percent in the last month.
The rally has followed a report on June 27 that the U.S. Securities and Exchange Commission is seeking comments on a Bitcoin exchange-traded fund. That potentially raises hopes that regulators would reverse earlier prohibitions against such an instrument. If it were allowed, the result could be a potentially much wider base of buyers for the cryptocurrency.
There might be some technical catalysts as well. For example, @XBT has formed an inverse head-and-shoulders reversal pattern and seems to be breaking a downward trendline. (See chart below.) Seasonality may also favor the bulls because Bitcoin rose between July and December over the last three years.
One final note: The buyers are focused almost entirely on Bitcoin, with altcoins lagging. However this morning other tokens like Ethereum (ETHUSD), Bitcoin cash (BCHUSD) and Litecoin (LTCUSD) seem to be catching up.
Bitcoin futures (@XBT) showing potential chart patterns and indicators.
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