Bitcoin's rally resumes as analysts celebrate its momentum

Bitcoin resumed its rally on Friday, above $56,000, after a brief pullback below $54,000, as it maintains its undeniable bullish momentum and advances more than 25% this week.

"Bitcoin has generated some incredible momentum this month, surviving an assault on $40,000 before tearing higher and bursting through major technical resistance along the way. We saw $50,000 fall with relative ease, similar to $52,500 and suddenly it seems a question of when we'll see new highs, not if," comments Craig Erlam, analyst at Oanda. "We're seeing a modest pullback today but momentum remains very much with the rally. We may not have to wait long to see $60,000," he adds.

However, some analysts call for caution, since they point out that the digital currency hasn´t yet overcome the resistance that they place in a range that goes from $52,000 to $55,000, so they expect some consolidation in this price range. Although it could be nothing more than a pause to take a breather, as it already breached the September highs. "Now there isn´t anything in the way for the annual and historical highs. And above the psychological $100,000 that everyone has been talking about for many months," states José María Rodríguez, technical analyst at Bolsamanía.

As for the 'altcoins', moderate rises are maintained, with ethereum above 3,500 dollars and the total capitalization at 2.3 trillion dollars. The focus in tokens is on SHIBA INU, the digital currency meme, which falls more than 30% after gaining 320% in a week.

Meanwhile, the market awaits the next catalyst for the 'rally'. A combination of factors generated the current bullish momentum: Comments from the US Federal Reserve (Fed) and the US Securities and Exchange Commission (SEC) that cryptos will not be banned; Bank of America's (BofA) report in which it gave its blessing to digital assets, DeFi and decentralized applications; and news that the US Bank begun offering crypto-custody services for Bitcoin.

But the big event the market craves is none other than the SEC's approval of an exchange-traded fund (ETF) in Bitcoin, which some anticipate will come as soon as this October. For the time being, the US regulator gave the green light to a new exchange-traded fund that offers exposure to "companies in the Bitcoin industry revolution." This is the Volt Crypto Industry Revolution and Tech, which provides investors with easy access to companies that invest in the digital asset in a significant way.

Numerous observers interpret this move as a step towards a pure ETF in the creation of Satoshi Nakamoto, despite the fact that the regulator could opt for a vehicle hedged on Bitcoin futures, rather than one trading on the spot price.