Bitcoin spent the weekend above $60000. The price even tried to gain a foothold above $62000. But so far unsuccessful. The price was supported by news that the first Bitcoin Futures ETF could be launched in the US this week.
As it became known, the first Bitcoin ETF from ProShares will be launched on the New York Stock Exchange (NYSE) on Tuesday. It will be the first ETF to receive SEC approval after years of speculation and rejection. It will be listed as BITO on the NYSE. This will be a landmark event as the Bitcoin ETF allows investors to safely invest in digital assets.
On the chart, the BTC/USD pair reacted to this by holding above $60000. And at the time of publication, the BTC/USD pair is trading around 60300, showing a bearish correction throughout the day.
On the 4-hour chart, Bitcoin price is holding above the uptrend line, which provides support for it in the area of 60000. A decline below this level could lead to a more serious correction in the area of 59000.
If the BTC/USD pair holds above 60000, we will see gains towards resistance around 62500. An upward breakout of this resistance will allow the BTC/USD pair to target the level of 63500. Further, the bulls will try to raise the price of Bitcoin to $65000.