Bitcoin has broken a new five-month high on Friday after breaking above $60,000. The digital asset had begun its ascent weeks prior at the beginning of October, a historically bullish month for cryptocurrencies. This rally has been mostly driven by rumors that the SEC is set to approve the first Bitcoin ETF in the United States. With news like this circulating in the market, traders have ramped up their activities in the market. The rumors have triggered massive buying activities in the market and this has led to the price rally we are currently witnessing in the market. Related Reading | Bitcoin Whales Accumulation Patterns Shows Strong Bullish Sentiment Among Top Holders Bitcoin has long been expected to break this price point but has encountered multiple roadblocks that have beaten the price back down. A significant point was the $52K market which the digital asset had broken back at the beginning of September. Expectations were that the asset would ride the wave up to $60K. However, a market crash had dragged the price back down towards the $40K price range. Buy The Rumor, Sell The News? Investors have been buying the rumor leading up to the SEC’s ETF decision. This has contributed greatly to the current rally. Order books are filled to the brim as investors, old and new, put more money into the market. BTC’s recent price gains have however raised questions with regards to the current market dynamics. Some have put fo...
