Bitcoin was doing exceptionally great in terms of rising high within the crypto market. Its performance was beyond impeccable, and the value continued to increase up to a point where analysts came up with a thrilling prediction that from there on, Bitcoin is only going to increase and break further resistances down the road. Not only this prediction didn’t come to pass, but Bitcoin is once again plummeting back to its old days.
It already took multiple months for the flagship cryptocurrency to break above $60K and to be able to shatter its previous all-time highs since the mid-May crash. Who knows how much time it is going to take now for Bitcoin to break even at about $60K or retake its recent all-time high. The bullish run, which was talked about rather generously, was the result of multiple Bitcoin futures ETFs being approved by the Securities and Exchange Commission.
The Success of Bitcoin ETF Futures
These ETFs did exceptionally well on the first day of launch and trading at the New York Stock Exchange. This was part of the reason why Bitcoin had such a strong bullish run, and the rally continued to support its throughput for more than a week. Due to this very reason, Bitcoin stayed above $60K and was able to retake its previous all-time high. The new all-time high coined by Bitcoin rests at $67K, and this was now obviously the result of multiple Bitcoin ETFs approved and made available for trading one after the other.
For a bullish run to be successful in the long run and accompany the asset all the way through achieving more all-time highs and breaking complicated resistances, it is necessary that the run itself is based on something strong and actionable. This bullish run was simply based on Bitcoin futures ETF, and the effect has finally withered away as the ETF craze has died down after the approval of these many. It seems Bitcoin is once again down and might continue to fall further if a considerable helping hand in the form of an authentic bullish run doesn’t join the flagship cryptocurrency sooner than later.