“Bitcoin needs to remain above this $57.7K level, however if it were to break down, it really, ultimately would need to hold this $56K level, if we were to lose this $56K level that would be a lower low,” Hyland explained. However, some traders believe Bitcoin BTC tickers down $59,121 needs to go much lower, before resuming its uptrend. Markus Thielen, head of Research at 10x Research, recently suggested market participants to wait for Bitcoin's price to "fall into the low $40,000s" to ideally time their entry into the bull market. At the time of publication, Bitcoin is trading at $59,218, bouncing back from a dip to $57,925 earlier in the past 24 hours, according to CoinMarketCap data.
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The approvals, which follow those of ether futures ETFs last year, give crypto a firmer toehold in traditional US finance after January’s launch of the first US spot bitcoin ETFs. The price of bitcoin was up more than 51 per cent year to date on Tuesday morning. “Traditional asset management can no longer ignore crypto as an asset class,” said Matt Hougan, chief investment officer of crypto fund sponsor Bitwise. “I think you’re going to see effectively everyone embrace this space.” Cboe Global Markets, which lists five of the ether ETFs, said initial trading showed “good market quality”. “All products opened for trading smoothly, with strong participation from our dedicated market makers who have been actively quoting and providing liquidity from the outset,” Cboe said in a statement.
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