Bitcoin price analysis: BTC/USD rushed back above $8,100 amid speculations about upcoming Bitcoin ETF

Fatfish Internet Group's CEO says Bitcoin ETF will be live in a couple of months.
BTC/USD down 2% on a daily basis amid waning momentum.

Tanya Abrosimova Independent Analyst

Bitcoin is changing hands at $8,100, off Monday's low registered at $7,850. The digital coin No.1 is still 28% higher on a monthly basis, though the upside momentum has faded away recently.

Cryptocurrency community discusses SEC's decision to reject Bitcoin ETF proposal submitted by Winklevoss. While Ethereum's founder Vitalik Buterin believes that too much emphasis is put on institutional adoption, Kin Why Lau CEO of venture capital firm Fatfish Internet Group is sure that in a couple of months the crypto industry will be ready to adopt Bitcoin ETF. Speaking with CNBC, he explained that we witness a strong wave on institutional and mass adoption, which will drive the interest towards cryptocurrency-based products.

Bitcoin's technical picture

From the longer-term perspective, BTC/USD took off from 50.0% Fibo retracement at $7,862. and managed to retun to the area above $8,000, which is definitely a positive sigh. Once the price stays above this level, there is a chance that the upside will be resumed with the initial aim at $8,300 on the upside. If the support is broken, the sell-off may be extended towards $7,595 (100-DMA).

BTC/USD, the daily chart

Author

Tanya Abrosimova

Independent Analyst

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