{"id":418692,"date":"2021-10-18T07:48:42","date_gmt":"2021-10-18T05:48:42","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=418692"},"modified":"2021-10-18T07:50:29","modified_gmt":"2021-10-18T05:50:29","slug":"bitcoin-could-be-heading-for-a-new-record","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/cryptocurrency\/418692-bitcoin-could-be-heading-for-a-new-record.html","title":{"rendered":"Bitcoin could be heading for a new record"},"content":{"rendered":"

Bitcoin rallied early Monday after falling over the weekend, ahead of an anticipated U.S. exchange-traded fund approval.<\/p>\n

The largest cryptocurrency gained as much as 5.3% and was trading at about $62,180 as of 11:21 a.m. in Hong Kong. It fell both Saturday and Sunday to nearly $59,000.<\/p>\n

Bitcoin is in focus as the first futures ETF tied to the token may debut Monday,\u00a0according to<\/strong><\/a>\u00a0a filing. Major levels being watched include the $60,000 threshold as well as the April record of $64,870.<\/p>\n

Bitcoin will probably challenge its record highs amid the ETF debut \u201cbut it won\u2019t be surprising to see some profit-taking come through around those levels as traders might look to sell the news,\u201d said Pankaj Balani, chief executive officer of crypto-derivatives exchange Delta Exchange, in a note Friday.<\/p>\n

\u201cOverall the volatility on Bitcoin is going to be high irrespective of how the decision plays out.\u201d<\/p>\n

Bitcoin has more than doubled since the start of the year, though the ride has been volatile as the market confronts narratives from increasing institutional adoption and greater asset-class maturity to a crypto crackdown in China and concerns about energy usage.<\/p>\n

Other cryptos also gained Monday, with second-largest Ether up about 5%.<\/p>\n

Binance Coin has retaken the third spot in crypto market value after a 17% rally in the past seven days, according to CoinGecko.com.<\/p>\n

The technical setup for Bitcoin in its latest rally is a concern for Rick Bensignor, the president of Bensignor Investment Strategies and a former strategist at Morgan Stanley.<\/p>\n

Depending on Monday\u2019s price action it might \u201cmake me think twice about buying Bitcoin now, especially as it\u2019s against all-time highs,\u201d he said in a note Monday.<\/p>\n

Bitcoin\u2019s 43% surge so far in October has pushed the crypto into overbought territory, according to relative strength index data.<\/p>\n

However, Bensignor added that \u201copen interest has dramatically increased on this October rally — meaning that there are lots of new shorts on this up move that are badly under water — that still may need to get fully squeezed out before the buying might dry up.\u201d<\/p>\n

\"\"<\/a><\/p>\n

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Now read: South Africa\u2019s \u201cyoungest millionaire\u201d Bitcoin trader must hand himself over to police<\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"

Bitcoin rallied early Monday after falling over the weekend, ahead of an anticipated U.S. exchange-traded fund approval.\u00a0<\/p>\n","protected":false},"author":341034,"featured_media":395229,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_facebook_post_id":"","_sma_instagram_post_id":"","_sma_threads_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[44696],"tags":[49375,187,191,52659],"class_list":["post-418692","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-binance","tag-bitcoin","tag-cryptocurrency","tag-etf"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/418692"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=418692"}],"version-history":[{"count":1,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/418692\/revisions"}],"predecessor-version":[{"id":418696,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/418692\/revisions\/418696"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/395229"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=418692"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=418692"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=418692"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}