Bitcoin spills through yesterday’s low as ETF enthusiasm fades
22 Oct 2021
We might have to do this again with a physical ETF
Bitcoin broke through the $62,000 level to the lowest since Tuesday as some stops were run.
On Wednesday, it looked like the bitcoin futures ETF (BITO) would be the catalyst to push bitcoin through the April record highs near $64,800. That was briefly the case but it’s looking like the weekly close will be well below that, pointing to the potential for a false breakout and double top.
It’s been a tough trade this week on the ETF. Buying the rumor last week and selling the fact when the ETF launched was a pretty good trade but that fresh pop on Wednesday was a sucker’s rally in the end.