Key Bullish Trendline Forming on Hourly BTC Chart; SEC Approves ETF

Chart of the Day

On Wednesday, the broader crypto market maintained its upward momentum for the third day in a row despite U.S. tech equities taking a tumble amid speculation surrounding the potential peaking of inflation figures in the month of May. As of the time of writing, BTC has managed to establish a strong foothold above the $41.5k support level after posting a marginal gain within the last 24 hours. In spite of the broader market's indecisiveness, a key bullish trend line with its lower bound near the $41.5k level is forming on BTC's hourly chart. If the largest cryptocurrency by market cap manages to settle above the immediate resistance level near the $42k mark, it may be able to build up enough momentum to test the various resistance levels within the $43k zone. 

On the on-chain front, it can be observed from the Confluence Floor Model chart that the dormancy flow floor has crossed over both the cost basis and the short-term holder floor. As all previous instances of crossovers actually led to the formation of market bottoms upon which BTC took off from with strong upside momenta, this current crossover could possibly mark the start of a bullish phase for BTC.

On the altcoin front, ETH has settled below the $3,100 level after rising by 0.34% over the past day. The profits and losses of most major altcoins were also kept within the +/-4% range in a similar timeframe. There is one standout altcoin performer in ApeCoin though, as the Bored Ape Yacht Club-affiliated token has just reached a one-month high on the back of a surge in speculative trading amid rumors that Yuga Labs is going to initiate land sales within the metaverse. 

Talk of the Town

In some much needed good news, it was revealed on Wednesday that the U.S. Securities and Exchange Commission (SEC) has approved a BTC futures exchange-traded fund (ETF) from Teucrium. What sets this newly-approved ETF apart from others is that Teucrium actually filed its application under the 33 and 34 Act instead of the 40 Act under which all previous BTC futures ETFs were approved. Given the fact that all the spot BTC ETFs that had failed in their applications were actually filed under the 33 & 34 Act, the approval of Teucrium's BTC futures ETF under said guidelines is a huge step forward for the crypto space at large indeed.