10/22/2021
Although bitcoin is pulling back from its all-time highs above $66K, there is sill an argument for the coin's potential that could help the bulls in the not-so-long-term. BTCUSD is down 1.89% on the day today after a 50% rise in price for the month of October.
Our outlook
The argument for bitcoin is that the new fund (NYSE: BITO) will attract tens of billions of dollars from investment. The crypto market is still in its early stages of growth now that money has only been heavily flowing into this industry within the past couple years. And now, with this new ETF, investors can indirectly invest in crypto without taking on the large risk from direct investment in the coins. This will also bring around a lot more attention to the crypto market as institutions will likely take stakes in a tradable fund on the NYSE.
Trade Setups
BTC/USD
Price is pulling back for the first time in several days after a monster run to new highs above $66,000. On the 1D chart, the crypto could find mild support at $57,000 and $52,000 if price continues to fall. If today's candle can close above the $58,923 level, it would be a good sign that price might have a bottom at that point.
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