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BTC broke resistance after another ETF filling to the Securities and Exchange Commission

The new crypto ETF has been filed with the US Securities and Exchange Commission to invest in futures for BTC and other financial products.

The application states that the fund will not invest directly in bitcoin. Investors could gain exposure to the leading cryptocurrency through indirect investments in standardized, cash-settled BTC futures contracts traded on commodity exchanges approved by the Commodity Futures Trading Commission (CFTC).

The fund may also invest in pooled investment funds, including Canadian cryptocurrency ETFs, which provide exposure to the digital asset of the bell. In addition, an ETF can also invest in money, US government securities or money market funds.

So far, the securities regulator has not approved any bitcoin ETFs in the United States. SEC President Gary Gensler said the regulator was more likely to approve a futures bitcoin ETF than a spot ETF, citing market risks.

Fidelity Investments, which previously applied for a bitcoin ETF with the SEC, recently prompted the agency to approve its fund. The financial services company cites increased investor interest in cryptocurrency as the number of investors owning digital assets and similar funds worldwide increases.

The price of bitcoin breaks above resistance

The price of bitcoins is consolidating after a flash crash on September 7. However, BTC has managed to overcome a number of resistance barriers that could encourage buyers to raise prices.

The price of bitcoin prisons above the 50-four-hour (SMA) at $ 46,594 and the flag line at $ 46,746 on September 15.

In order for the bulls to maintain momentum, BTC will need to stay above the 61.8% Fibonacci correction level at $ 46,919.

However, the next hurdle is the 200-period SMA at $ 47,603 and then the 100-period SMA, which is $ 47,820. A jump in buyer pressure will be needed for the bulls to continue to follow the upward trend.

Investors should be aware of the inertia reversal indicator (MRI) signal, which suggests that BTC may make a turnaround. Significant support will appear in the search area, which ranges from $ 43,241 to $ 44,594.

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 Junior Trader Nikolay Yordanov

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