Bitcoin Rallies after Weekend Tumble as ETF Anticipation Builds

Bitcoin rallied early Monday after falling over the weekend, ahead of anticipation US exchange-traded fund approval.

The largest cryptocurrency gained as much as 5.5% and was trading at about $61,987 as of 9:03 a.m. in London. It fell both Saturday and Sunday to nearly $59,000. Bitcoin is in focus as the first futures ETF tied to the token may debut Monday, according to a filing. Major levels being watched including the $60,000 threshold as well as the April record of $64,870.

Bitcoin will probably challenge its record highs amid the ETF debut “but it won’t be surprising to see some profit taking come through around those levels as traders might look to sell the news,” said Pankaj Balani, chief executive officer of crypto-derivatives exchange Delta Exchange, in a note Friday.

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