Week Getting Started Expectations From Cryptocurrencies

Bitcoin (BTC) has been facing stiff resistance near the $ 60,000 level for the past few days. This suggests that market participants are cautious at these levels and a positive trigger may be required to push the price up and start the next leg of the uptrend.

One of the developments that could be bullish for Bitcoin is that Brazil will follow in Canada’s footsteps and give the green light for the launch of a Bitcoin exchange-traded fund. The ETF will be managed by QR Asset Management. The ETF is expected to start trading in the 2nd quarter of 2021.

Bitcoin ETFs initiated by various countries are likely to put pressure on the US Securities and Exchange Commission to approve a Bitcoin ETF because if they don’t, institutional investors can use alternatives available in neighboring countries.

Although Bitcoin shows fragility around $ 60,000, Cointelegraph participant Marcel Pechman analyzed derivative data from various exchanges to show that the top investors are still adding long positions around $ 57,000.

Bitcoin seems to be consolidating its last gains before embarking on the next trend move.

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