BTC/USD Signal Today -09/01:ETF Approval Gives Hopes (Chart)

The BTC/USD pair made a strong bullish breakout in the overnight session. 

  • Buy the BTC/USD pair and set a take-profit at 48,500.
  • Add a stop-loss at 45,500.
  • Timeline: 1-2 days.
  • Set a sell-stop at 46,000 and a take-profit at 45,000.
  • Add a stop-loss at 48,000.

Bitcoin price went parabolic as investors continued to anticipate a spot Bitcoin ETF. After days of consolidation, the BTC/USD pair made a bullish breakout and reached a high of 47,000 for the first time since January 2022. It has risen by more than 200% from its lowest point

BTC/USD Resumed its Bullish Trend.

Bitcoin resumed its bullish trend as the clock ticked to the approval of a spot Bitcoin ETF. The SEC has until this week to make its determination and analysts expect that it will approve them.

Companies like Blackrock, Ark Invest, Invesco, VanEck, and Franklin Templeton have all filed their applications. Blackrock’s iShares Bitcoin Trust (IBIT) will have an expense ratio of 0.20% while Invesco’s BTCO will be 0.0% initially.

Meanwhile, the Grayscale Bitcoin Trust (GBTC), Valkyrie Bitcoin Fund, and WisdomTree Bitcoin Fund have a fee of 1.50%, 0.80%, and 0.50%, respectively. Grayscale will likely be the loser since it has always been the only avenue for institutional investors.

Analysts believe that a Bitcoin ETF is a positive thing for cryptocurrencies because it will lead to more demand from institutional investors. For a long time, there was no major way for these investors to access the Bitcoin market. Analysts at Standard Chartered expect that these ETFs will see between $50 billion and $100 billion in inflows.

Bitcoin’s surge happened after Gary Gensler, the head of the Securities and Exchange Commission (SEC) warned about the risks of investing in crypto. Other top crypto stocks like Coinbase, MicroStrategy, and Marathon Digital also rose on Monday.

Bitcoin rebound coincided with the sharp decline of crude oil, with Brent and WTI moving to $75.8 and $70.8, respectively. It also coincided with the retreat of the US dollar index (DXY) and US bond yields.

brokers-we-recommend Forex Brokers We Recommend in Your Region

See full brokers list see-full-broker


The BTC/USD pair made a strong bullish breakout in the overnight session. On the daily chart, the pair moved above the upper side of the ascending channel shown in black. It has constantly remained above the 50-day Exponential Moving Average (EMA).

The Stochastic Oscillator moved to the overbought level while the Relative Strength Index (RSI) moved close to the overbought level. Therefore, the pair will likely continue rising ahead of the ETF approval. It will then retreat briefly when the ETF is finally approved as traders sell the news.

Ready to trade our daily Forex signals? Here’s a list of some of the best crypto brokers to check out.

Read More:BTC/USD Signal Today -09/01:ETF Approval Gives Hopes (Chart)