The world's largest cryptocurrency by market capitalization rallied amid growing expectations for the first bitcoin approval. VanEck and SolidX have joint forced to bring a physically backed bitcoin to market. Now the SEC is expected to make its decision around mid-August or in September. The Commission requested for comment on the issue, and over 97% of responses are positive. So it looks like there is a high probability that the fund will be approved this time.
Positive expectations could push the price of bitcoin north further as the positive verdict hasn’t been priced in yet. The market will continue to monitor highlights and fresh signals from this front, while technicals also point to the prospects for further ascent. In the short term, the pair needs to confirm a break above the $8,000 barrier with the next target at $8,200, where the top of a descending pattern lies.