{"id":473744,"date":"2021-10-14T18:00:07","date_gmt":"2021-10-14T18:00:07","guid":{"rendered":"https:\/\/wncen.com\/?p=473744"},"modified":"2024-06-11T13:59:29","modified_gmt":"2024-06-11T13:59:29","slug":"why-bitcoin-extend-market-dominance","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/why-bitcoin-extend-market-dominance\/","title":{"rendered":"Why Bitcoin Could Extend Its Market Dominance As It Approaches $60K"},"content":{"rendered":"<p>Bitcoin is moving with conviction to the $60,000 area. At the time of writing, BTC\u2019s price trades at $57,681 with a 4% profit in the weekly and daily charts.<\/p>\n<figure id=\"attachment_473762\" aria-describedby=\"caption-attachment-473762\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-473762 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Bitcoin-BTC-BTCUSD-8.png?resize=860%2C495\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"495\"><figcaption id=\"caption-attachment-473762\" class=\"wp-caption-text\">BTC moving sideways in the daily chart. Source:<a href=\"https:\/\/www.tradingview.com\/chart\/a4lKch7J\/?symbol=BITSTAMP%3ABTCUSD\" target=\"_blank\" rel=\"noopener nofollow\"> BTCUSD Tradingview<\/a><\/figcaption><\/figure>\n<p>The general sentiment in the market remains bullish as Bitcoin has been able to shake off the bears over the past days. Traders and savvy investors have called BTC\u2019s recent price action the beginning of the \u201cBitcoin Season\u201d.<\/p>\n<p class=\"jeg_post_title\" style=\"text-align: center\"><strong><em>Related Reading |<\/em>\u00a0<a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-fresh-rally-to-60k\/\" target=\"_blank\" rel=\"noopener \">TA: Bitcoin Starts Fresh Rally To $60K, What Could Fuel More Upsides<\/a><\/strong><\/p>\n<p>During this period, BTC takes over the spotlight and rallies absorbing capital from other cryptocurrencies. As a consequence, the Bitcoin Dominance trends to the upside as it has since mid-September standing at a 44.65% of the entire crypto market.<\/p>\n<figure id=\"attachment_473761\" aria-describedby=\"caption-attachment-473761\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-473761 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Bitcoin-BTC-BTCUSD-7.png?resize=860%2C495\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"495\"><figcaption id=\"caption-attachment-473761\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/www.tradingview.com\/chart\/a4lKch7J\/?symbol=CRYPTOCAP%3ABTC.D\" target=\"_blank\" rel=\"noopener nofollow\">BTC.D Tradingview<\/a><\/figcaption><\/figure>\n<p>This metric stands far from its pre-crash levels but could continue to increase in the coming days suggesting more appreciation for Bitcoin.<\/p>\n<p>In a report QCP Capital emphasized the importance of a potential BTC-based Exchange Traded Fund (ETF) in the United States. This event is most likely driven the current bullish price action impacting the crypto market.<\/p>\n<p>The U.S. Securities and Exchange Commission (SEC) has postponed the decision to approve or reject, their usual decision in the past, a Bitcoin ETF until next week.<\/p>\n<p>The market seems to be positioning towards an approval on the back of certain statements made by the SEC Chair Gary Gensler. The regulator claimed that it\u2019ll be more inclined to approve a Bitcoin ETF based on Chicago Mercantile Exchange (CME) futures.<\/p>\n<p style=\"text-align: center\"><strong><em>Related Reading |\u00a0<\/em><a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-be-far-ath-fidelity-analyst\/\" target=\"_blank\" rel=\"noopener \">Why Bitcoin Could Be Far From $100,000, Says Fidelity Analyst<\/a><\/strong><\/p>\n<p>QCP Capital <a href=\"https:\/\/twitter.com\/QCPCapital\/status\/36752384\" target=\"_blank\" rel=\"noopener nofollow\">explained<\/a> the effect of these claims in the market:<\/p>\n<blockquote><p>Funding and forwards have also been heating up over the last two weeks since SEC chair Gensler made favourable comments about a futures-based BTC ETF. Perpetual swap funding went from slightly negative in the end of September to around 20% now.<\/p><\/blockquote>\n<h2>Bitcoin At A Crossroads, Fresh Capital Price In ETF Decision<\/h2>\n<p>Further data provided by QCP Capital showed that institutional investors have entered the market after pricing in a potential Bitcoin ETF approval. As seen below, the CME futures premium as trend upwards especially after Gensler made its optimist comments.<\/p>\n<figure id=\"attachment_473764\" aria-describedby=\"caption-attachment-473764\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-473764 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Bitcoin-BTC-BTCUSD-11.jpg?resize=860%2C481\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"481\"><figcaption id=\"caption-attachment-473764\" class=\"wp-caption-text\">Source: Skew via QCP Capital<\/figcaption><\/figure>\n<p>In that sense, the SEC\u2019s decision could trigger two of the following scenarios for Bitcoin. In the bullish scenario, the ETF approval will drive a new wave of institutional demand for BTC, QCP Capital expects.<\/p>\n<p>In a second scenario, Bitcoin will face another \u201cbuy the rumor, sells the news\u201d event with potential for more downside and a retest of its support levels.<\/p>\n<p style=\"text-align: center\"><strong><em>Related Reading |\u00a0<\/em><a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-price-bull-zone-rsi\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Price Prepares To Blast Off Back Into RSI \u201cBull Zone\u201d<\/a><\/strong><\/p>\n<p>As seen below, QCP Capital highlighted the dynamic in the BTC Options markets with the \u201cfront-end risk reversals\u201d tending downside. This suggests a lot of uncertainty amongst investors and a \u201cprevailing downside nervousness\u201d. The firm said:<\/p>\n<blockquote><p>Direction-wise for BTC, we find ourselves with a bullish bias but unable to form a strong bullish conviction in spite of the clear optimism in the market.<\/p><\/blockquote>\n<figure id=\"attachment_473765\" aria-describedby=\"caption-attachment-473765\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-473765 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Bitcoin-BTC-BTCUSD-12.jpg?resize=860%2C548\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"548\"><figcaption id=\"caption-attachment-473765\" class=\"wp-caption-text\">Source: QCP Capital<\/figcaption><\/figure>\n<p>The firm has set its target on Monday, next week. If the event is to favor the bears, it is possible that the weekend price action might reveal what\u2019s to come in the following days. QCP Capital said:<\/p>\n<blockquote><p>A lot hinges on the Pro-shares ETF decision on Monday, with their application being the first and widely expected to get approval. As the ETF decisions are underway, we expect BTC to remain the focus of the crypto market.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is moving with conviction to the $60,000 area. At the time of writing, BTC\u2019s price trades at $57,681 with a 4% profit in the weekly and daily charts. The general sentiment in the market remains bullish as Bitcoin has been able to shake off the bears over the past days. Traders and savvy investors have called BTC\u2019s recent price action the beginning of the \u201cBitcoin Season\u201d. Related Reading |\u00a0TA: Bitcoin Starts Fresh Rally To $60K, What Could Fuel More Upsides During this period, BTC takes over the spotlight and rallies absorbing capital from other cryptocurrencies. As a consequence, the Bitcoin Dominance trends to the upside as it has since mid-September standing at a 44.65% of the entire crypto market. This metric stands far from its pre-crash levels but could continue to increase in the coming days suggesting more appreciation for Bitcoin. In a report QCP Capital emphasized the importance of a potential BTC-based Exchange Traded Fund (ETF) in the United States. This event is most likely driven the current bullish price action impacting the crypto market. The U.S. Securities and Exchange Commission (SEC) has postponed the decision to approve or reject, their usual decision in the past, a Bitcoin ETF until next week. The market seems to be positioning towards an approval on the back of certain statements made by the SEC Chair Gary Gensler. The regulator claimed that it\u2019ll be more inclined to approve a Bitcoin ETF based on Chicago Mercantile Exchange (CME) futures. Related Reading |\u00a0Why Bitcoin Could Be Far From $100,000, Says Fidelity Analyst QCP Capital explained the effect of these claims in the market: Funding and forwards have also been heating up over the last two weeks since SEC chair Gensler made favourable comments about a futures-based BTC ETF. Perpetual swap funding went from slightly negative in the end of September to around 20% now. Bitcoin At A Crossroads, Fresh Capital Price In ETF Decision Further data provided by QCP Capital showed that institutional investors have entered the market after pricing in a potential Bitcoin ETF approval. As seen below, the CME futures premium as trend upwards especially after Gensler made its optimist comments. In that sense, the SEC\u2019s decision could trigger two of the following scenarios for Bitcoin. In the bullish scenario, the ETF approval will drive a new wave of institutional demand for BTC, QCP Capital expects. In a second scenario, Bitcoin will face another \u201cbuy the rumor, sells the news\u201d event with potential for more downside and a retest of its support levels. Related Reading |\u00a0Bitcoin Price Prepares To Blast Off Back Into RSI \u201cBull Zone\u201d As seen below, QCP Capital highlighted the dynamic in the BTC Options markets with the \u201cfront-end risk reversals\u201d tending downside. This suggests a lot of uncertainty amongst investors and a \u201cprevailing downside nervousness\u201d. The firm said: Direction-wise for BTC, we find ourselves with a bullish bias but unable to form a strong bullish conviction in spite of the clear optimism in the market. The firm has set its target on Monday, next week. If the event is to favor the bears, it is possible that the weekend price action might reveal what\u2019s to come in the following days. QCP Capital said: A lot hinges on the Pro-shares ETF decision on Monday, with their application being the first and widely expected to get approval. As the ETF decisions are underway, we expect BTC to remain the focus of the crypto market.<\/p>\n","protected":false},"author":535,"featured_media":470756,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144],"class_list":["post-473744","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Why Bitcoin Could Extend Its Market Dominance As It Approaches $60K<\/title>\n<meta name=\"description\" content=\"Bitcoin is moving with conviction to the $60,000 area. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/\",\"https:\/\/x.com\/rl_m\"],\"url\":\"https:\/\/wncen.com\/author\/reynaldomarquez\/\"}]}<\/script>\n","yoast_head_json":{"title":"Why Bitcoin Could Extend Its Market Dominance As It Approaches $60K","description":"Bitcoin is moving with conviction to the $60,000 area. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why Bitcoin Could Extend Its Market Dominance As It Approaches $60K","url":"http:\/\/wncen.com\/news\/why-bitcoin-extend-market-dominance\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/why-bitcoin-extend-market-dominance\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/09\/bitcoin-price-bullish-iStock-1331863711.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/09\/bitcoin-price-bullish-iStock-1331863711.jpeg?fit=1365%2C768"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd"],"dateCreated":"2021-10-14T18:00:07Z","datePublished":"2021-10-14T18:00:07Z","dateModified":"2024-06-11T13:59:29Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why Bitcoin Could Extend Its Market Dominance As It Approaches $60K\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/why-bitcoin-extend-market-dominance\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/why-bitcoin-extend-market-dominance\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/09\\\/bitcoin-price-bullish-iStock-1331863711.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/09\\\/bitcoin-price-bullish-iStock-1331863711.jpeg?fit=1365%2C768\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\"],\"dateCreated\":\"2021-10-14T18:00:07Z\",\"datePublished\":\"2021-10-14T18:00:07Z\",\"dateModified\":\"2024-06-11T13:59:29Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/09\/bitcoin-price-bullish-iStock-1331863711.jpeg?fit=1365%2C768","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/473744","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=473744"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/473744\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/470756"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=473744"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=473744"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=473744"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}