Bitcoin investors are enjoying new all-time highs (ATHs) as the hype around crypto increases constantly. Following a significant inflow from the ETFs, crypto assets are now entering the London markets. The Financial Conduct Authority (FCA) stated that it will accept applications for Bitcoin and Ether-backed ETNs (Exchange Traded Notes). Unlike ETFs, ETNs usually do not have to hold underlying securities. In the event that any applications are accepted, ETNs will be available only to professional investors. This is seen as bullish due to increased institutional investment interest in crypto products.
(BTCUSD Hourly Chart)
With the new London hype added to the ETF excitement, new all-time highs (ATHs) are constantly being reached. The uptrend channel from February 27th is in full swing, with momentum showing only a slight slowdown within the trend over the previous six weeks, despite the new ATHs. If Bitcoin were to surpass 74k, however, a new wave towards 76k becomes a significant possibility.
Regarding downward moves from the 74k resistance, the 34-hour moving average, currently at 71,883, serves as the first support to watch. However, the primary support for now is the lower line of the trend channel, currently situated around 69,250.
