© Reuters
Investing.com – Against the tide of stock markets which continue to fall, the stock continued its rise this Friday morning, now above the threshold of $29,000. The has indeed marked a peak at $29,300 for the moment, the highest since August 16, if we exclude the express rally which was observed Monday in the face of false information.
Bitcoin climbs despite risk aversion
The good performance of Bitcoin, in a global context of risk aversion, proves according to some that the cryptocurrency must be approached as a safe haven, in the same way as gold.
Indeed, the most recent bullish movement in Bitcoin is all the more remarkable as it came after hawkish remarks from Jerome Powell, the head of the Fed, who declared that inflation was still too high and reported that the central bank intended to keep interest rates high for an extended period as economic growth remains strong.
However, directly linking Bitcoin’s rise to safe-haven appetite is not entirely true, as BTC has also risen due to good news and positive speculation of its own.
Optimism on spot ETFs continues to support BTC
The United States Securities and Exchange Commission (SEC) has announced that it is currently evaluating eight to ten applications for exchange-traded funds (ETFs) linked to bitcoin, according to the latest interview with Gary Gensler, Chairman of the SEC, granted to Bloomberg TV on Thursday.
The chairman stressed that the commission’s review process is not dictated by a specific timetable, but depends on the deliberations of the five members of the commission. These statements, which clearly show that the SEC is now open to the idea of spot Bitcoin ETFs, have kept the market hopeful for an imminent approval.
Another detail that has fueled hope concerns the fact that BlackRock (NYSE:), the world’s largest asset manager, amended its proposed Bitcoin spot ETF prospectus, in response to requests from the SEC, as was recently the case for the proposals from Ark and Fidelity.
Technical thresholds to monitor on Bitcoin
From a graphical point of view, the return of BTC/USD above the threshold of $29,000 constitutes a positive signal, which puts in sight the next key threshold, at $30,000.
Above $30,000, the $31,000 threshold and this year’s high around $31,800 will be the next upside targets. If Bitcoin corrects below $29,000, the first important support will be the $28,000 area, where the 200-day moving average is located, although the 200-week moving average, at around $28,250, should also be taken into consideration.