The star crypto has regained its glory and is chugging towards the north on the charts. The flagship currency, Bitcoin is valuing at $62,392.11, with gains of ~4.6% at press time. BTC hit its 24-hour high of $62,728.57. Which did bring cheer among enthusiasts in the space, encouraging buyers to get in the trade.
According to sources, Bitcoin’s mean transaction volume (7d MA) fell to a 1-month low of 13.196 BTC. While the BTC percent supply for the last active 5+ years hit an All-Time-High of 22.84%. Sources also suggest that the coins which have remained inactive for a brief period have been circulating at higher rates.
In addition, the surge in the circulation of these coins will fuel the volatility in the space. This indicates the circulation to be moving towards a bullish momentum. Which will propel, the industry towards the poised bull run for the fourth quarter of 2021.
The First Bitcoin Futures ETF Gets Approval!
Uptomber has brought in numerous perks for the crypto space. The U.S SEC has approved the Bitcoin futures ETF. Starting with the approval of futures ETF from Proshares. Which is expected to go live in the short term.
With the approval of the first Bitcoin futures ETF, we can expect more to follow the league. While many in the industry wish for Bitcoin spot ETF’s. The futures ETF will possibly be a guiding light towards the materializing of spot ETFs.
Collectively, BTC is back to action and might surpass its ATH this weekend. However, netizens expect it to follow consolidation to levels of ≤$60k. Owing to a rise in buying pressure. Investors might attempt to liquidate their holdings at ATH. However, in no terms, it is in a bearish trend. But a correction before it moons to its longstanding newer highs.