Fresh Bitcoin ETF is hoping for BTC’s quick rally over $ 40,000

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Crypto investors are seeing gains on Ether (ETH) and Bitcoin (BTC) on Aug 5 following the successful launch of Ethereum’s London hard fork and a series of new exchange-traded Bitcoin fund filings, causing a rally in the price of BTC drifted by 9%. higher, sending Ether up 11.75%, bringing the altcoin closer to the elusive $ 3,000 level.

Data from Cointelegraph Markets Pro and TradingView show that after an early morning sell-off that saw BTC drop to $ 37,280, the bulls stepped in and the resulting surge in volume drove BTC price to an intraday high of $ 40,775.

BTC / USDT 4-hour chart. Source: TradingView

Recent comments by U.S. Securities and Exchange Commission chairman Gary Gesler on the profitability of a Bitcoin ETF were followed by several new ETF applications on Aug. 5, and investors are hoping the chance of approval has increased.

Related: Fed Governor Says CBDCs Remain “Finding a Solution to a Problem”

Regarding the current bullish price action, analyst Will Clemente posted the following chart to show BTC’s past performance, saying, “This would be a key level ($ 54,000 and up) to get confirmation / rejection (2013 vs. 2017 response ) to pay attention to. “

Top / bottom models for Bitcoin. Source: Glass knot

Clemente added:

“In my opinion, this would be a key level ($ 54K & up) to look out for confirmation / rejection. (2013 vs. 2017 reaction) “

The total market cap of the cryptocurrency is now $ 1.662 trillion, and the dominance rate of Bitcoin is 45.6%.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every step of investing and trading involves risk, so you should do your own research when making a decision.