Golden Cross Forms as SEC Approves Triple-Leveraged Crypto Funds
BlackRock's iShares Bitcoin Trust ETF (IBIT) has formed a golden cross, a bullish signal for traders. This occurred as the SEC approved a rule change to list triple-leveraged Bitcoin and Ethereum products.
The golden cross is a chart pattern where the 50-day moving average crosses above the 200-day moving average. This typically indicates a shift in market sentiment, with traders expecting prices to rise. In IBIT's case, the 50-day SMA was 41.97, while the 200-day SMA was 41.92.
Elsewhere, the SEC approved a Cboe BZX rule change to list six 3x leveraged products from Volatility Shares' VS Trust. These funds will offer triple the daily return of their respective benchmarks, including Bitcoin and Ethereum. However, trading in each fund will not begin until the fund's registration has become effective.
Bitcoin's price was trading around $84,800 at the time of the announcement, down 0.2% in the last 24 hours. Despite this, retail sentiment around BTC dropped to 'bearish' from the 'neutral' zone, with chatter rising to 'normal' from 'low' levels over the past day.