Bitcoin Starts Week On A High

ETF OptimismCrypto bulls are looking hopeful at the start of the week with BTC seeing continued buying across the European open on Monday. Optimism over expected forthcoming BTC ETF approvals is keeping crypto prices well bid here with BTC now trading above the $30k mark for the second day in a row. Last week, Coinbase chief legal officer Paul Grewal expressed his optimism on CNBC noting that the Grayscale court ruling essentially paved the way for a BTC ETF coming in the very near-future. With several applications now on the table, crypto bulls are hoping that ETF approvals will help drive a fresh wave of demand for the crypto space, leading to higher prices across the board.Shifting Fed ViewBTC bulls have also been helped by last week’s comments from Fed chairman Powell. Powell signalled that with yields rising sharply, the Fed might not need to use any further tightening. While rates are expected to stay at elevated levels for longer, the dialling back of near-term Fed rate hike expectations is having a strong supporting effect for BTC. Looking ahead this week, focus will be on a slew of incoming US data with any downside surprises likely to act as further support for crypto and other digital assets.Technical ViewsBTCThe rally above the 27415 level has seen the market trading back up to retest the underside of the broken bull trend line. Price is now fast approaching a test of the YTD highs around the 32185 level and, with momentum studies bullish, the focus is on a continuation higher and a breakout towards the 37030-level longer-term.