By Shelly Melancon (Switzerland)
Bitcoin is set to hit an all-time high price this week. The token is on a very strong bullish move that began in late August 2021 and continued through September. Bitcoin has continued to outperform bearish predictions and is now set to hit new price highs.
Bitcoin has formed a bullish technical signal by scoring the highest weekly candle ever. Bitcoin has scored its biggest weekly candle ever, slightly above $62,000, signaling a strengthening positive trend. Bears pulled the largest cryptocurrency to an intraday low of $58,940, putting it perilously close to closing below $60,000 for the day. However, just hours before the historic weekly close, buyers stepped in and stemmed the bearish move.
The previous weekly finish record for Bitcoin was set in early April. It happened just days before the benchmark cryptocurrency reached its current ATH of $64,804 on April 14. The much-anticipated public debut of Coinbase, the leading cryptocurrency exchange in the United States, was the key trigger at the time.
This time, Bitcoin surpassed the $60,000 mark when the Securities and Exchange Commission of the United States approved the first Bitcoin futures exchange-traded fund. On the weekly bitcoin chart, a “three white soldiers” pattern, which is often seen as a dependable bullish indication, with three green long-bodied candles. The fact that the cryptocurrency scored three candles with short shadows shows that bulls are in control, as the price has closed around the top of each price range.
Also read:Another interesting factor for this could be the announcement made by Twitter CEO, Jack Dorsey, that his company, Square, will begin experiments to develop silicon-based bitcoin mining equipment that will significantly lower crypto mining energy consumption. Dorsey made this announcement on Friday via a tweet. He said that access to bitcoin should be easy and for everyone, to encourage decentralization and strengthen the network.
At the time of writing, the top cryptocurrency was trading at $62,352.
Cryptocurrency Adoption and Regulation
Some key factors influencing bitcoin’s bullish move are its increasing adoption for everyday transactions in Latin America. Recall that El Salvador adopted bitcoin as a legal tender in August. El Salvador’s president, Nayib Bukele, recently stated his opinion on the adoption of bitcoin in the South American continent. He said that he is confident that more countries will adopt bitcoin and cryptocurrencies in the future.
In the U.S., bitcoin popularity is expected to increase following the approval of some Bitcoin futures ETFs. Last week, no less than three crypto companies announced that they are about to go live on the New York Stock Exchange market once the SEC gives approval for them. Today, Monday, the NYSE session will resume with the U.S. residents having access to trade bitcoin futures without restrictions.
Of course, the calls for regulation still lingers in the industry, but as the SEC chairman, Gary Gensler said, there is no plan for a total ban of cryptocurrencies in the country.
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