Valkyrie Bitcoin ETF launch seems to have no effect on Bitcoin’s surge as many Bitcoin enthusiasts were expecting.
CME Bitcoin futures is currently showing a growth up to December, Bitcoin’s November futures are up 0.02%, whilst the December futures are up 0.19%.
BTCUSD since then has been waiting for the release of the US economic data, CB Consumer price confidence and the New home sales which are coming out later today.
On-chain Bitcoin data, chiefly the Bitcoin fee, is a very healthy median for Bitcoin.
MACD and RSI indicators on a daily chart are bearish, Bitcoin closed below the support of the uptrend channel and might correct down to $53100 if it doesn’t close above $63800.
Hence, if BTCUSD doesn’t close above $63800-$64100 and there is no significant bull power, bears might take control of the price and push the price lower, to retest EMA50.
Whenever you see any analyst claim that Bitcoin price could hit $110K, don’t be pessimistic, refer to this uptrend parallel channel.
To sum up, Bitcoin is still one of the most promising assets to invest in, its growing scarcity and the migration of miners to the US show a solid confidence in its continuous growth.