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Bitcoin Price Analysis: BTC holds steady above $50,000 as the first ETF comes to life in North America

  • Bitcoin ETF starts trading in North America, attracting a high initial volume.
  • Bitcoin holds above $50,000 as bulls look forward to action beyond $60,000.
  • Declines under $50,000 will seek refuge at the 50 SMA and the ascending parallel channel lower edge.

Bitcoin has this week ascended to yet another new high. The rise above $50,000 occurred amid the return of retail traders and a reduced exchange reserve supply. At the time of writing, BTC is doddering slightly above $51,000. The need for higher support is to ensure that the flagship cryptocurrency sustains the uptrend currently eyeing $60,000.

Bitcoin ETH starts trading in North America

The first approved Bitcoin exchange-fund (ETF) had a spectacular start in North America. Traders are reported to have exchanged more than $165 million in shares. The new trading product was named the Purpose Bitcoin ETH with a ticker BTCC and stood out for allowing investors to buy directly into “physical/digital Bitcoin.”

The ETF product is being issued by Purpose Investment Inc. Analysts believe that this Bitcoin ETF will trade at a relatively lower premium than the many Bitcoin Trusts in the United States.

Bitcoin hunts for support above $50,000

In the meantime, Bitcoin is trading below the ascending channel’s middle boundary as bulls fight to secure higher support. BTC must reclaim this lost ground to continue with gains toward $60,000. It is essential to anticipate resistance at the recent all-time high of around $52,974

BTC/USD 4-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

If Bitcoin drops under $50,000, the 50 Simple Moving Average (SMA) is in line to provide support. Simultaneously, the channel’s lower edge will barricade the downside to ensure that toward $40,000 is limited. Note that the 100 SMA will prevent BTC from correcting sharply in case of massive declines.

Source

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