$BTCUSD Forex Signal: Bitcoin Gets Overbought Pointing to a Brief Pullback
Bitcoin price crossed the important resistance point at $30,000, which was much higher than this month’s low of $24,735.Bitcoin prices continued rising as sentiment in the crypto industry jumped. Data shows that the crypto fear and greed index jumped to the greed zone for the first time since May this year. The fear and greed index by CNN Money soared to the extreme greed zone of 75.
Greed in the crypto industry has been fueled by the recent decisions by large companies to seek exposure to the industry. Last week, Blackrock announced that it had filed for the iShares Bitcoin Trust. If accepted, it will be the first ETF for spot Bitcoin. Other large companies have also filed for their spot ETFs. For example, Invesco and WisdomTree, which have over $1.4 trillion and $87 billion, also filed for their spot ETFs. A spot ETF will be different from the existing fund, which tracks Bitcoin futures.
Meanwhile, Deutsche Bank announced that it had filed for a crypto custody license in Germany. Like the other companies, this is a large firm that has over 1.4 trillion in assets. Therefore, if it receives a license, there is a possibility that other companies in Europe will move to the industry.For one, the SEC will take months to review the ETF providers. And there is a likelihood that it will not accept the funds since it has rejected them before.
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