Crypto investors remain bullish on hopes that the first spot Bitcoin ETF could soon start trading.
Bitcoin was up slightly in the face of macroeconomic headwinds Wednesday, outperforming other risk-sensitive assets on hopes that regulators will approve spot Bitcoin exchange-traded funds.
“Current positions near $28,500 indicate bullish dominance and confirm the existence of an upward channel since early September with a sequence of more than three higher highs and lows,” said Alex Kuptsikevich, an analyst at broker FxPro. “The market could quickly move to the $29,400 level, recovering from the mid-August selloff.”
With the ETF frenzy at the fore, Bitcoin has outperformed other risk-sensitive assets, namely stocks, as the Dow Jones Industrial Average and S&P 500 have lagged.
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