Banks Enter the Bitcoin-Spot ETF Market Fray

On Thursday, news hit the wires of two US banks offering BTC-spot ETFs to wealth management clients.

Bloomberg reported Bank of America’s (BAC) Merrill Lynch and Wells Fargo (WFC) started offering BTC-spot ETFs to their clients. However, Vanguard remains on the sidelines. In January, Vanguard published a Q&A, saying crypto is more of a speculation than an investment.

Technical Analysis

Bitcoin Analysis

BTC remained well above the 50-day and 200-day EMAs, sending bullish price signals.

A BTC return to $62,000 would give the bulls a run at the Wednesday high of $64,008. A break above the Wednesday high of $64,008 would bring the all-time high of $69,276 into play.

BTC-spot ETF market flow data needs consideration.

However, a fall through the $59,176 support level would give the bears a run at the $57,000 support level.

The 14-Daily RSI reading, 79.42, shows BTC in overbought territory. Selling pressure may intensify at the Wednesday high of $64,008.