Bitcoin is moving sharply higher after a US appeals court found in favour of Greyscale, who has looked to push back after the SEC rejected their application to convert their Grayscale Bitcoin Trust into a spot Bitcoin ETF. Today's ruling has helped lift sentiment across cryptos, while bitcoin mining stocks and brokers are also sharply higher in early trade. The instruction that the SEC should "vacate" its rejection paves the way for a potential future approval, boosts hopes of an ETF product that will widen the net in terms of accessibility for the crypto posterchild.
In terms of the chart, this appears to set the stage for a bullish period, following a collapse towards the $24,737 swing-low. Until that level is broken, the bullish trend remains in play here. That view remains despite the decline through trendline support this month. The wider market outlook remains key, with any risk-off move driving dollar strength and BTCUSD weakness. Nonetheless, with today's news bringing a welcome boost for bitcoin bulls, heightening the chances of a bullish phase for BTCUSD.
In terms of the chart, this appears to set the stage for a bullish period, following a collapse towards the $24,737 swing-low. Until that level is broken, the bullish trend remains in play here. That view remains despite the decline through trendline support this month. The wider market outlook remains key, with any risk-off move driving dollar strength and BTCUSD weakness. Nonetheless, with today's news bringing a welcome boost for bitcoin bulls, heightening the chances of a bullish phase for BTCUSD.