New ATH? Not Yet…
It doesn't get much CLOSER
Yesterdays High for Bitcoin on Coinbase came within $399 from the previous ATH st on April 14th, earlier this year. There was only a 0.62% move left for the Bitcoin Bulls to push in order to tap the previous current ATH but the opportunity escaped them. At least for yesterday.
Bitcoin was a little bit up and down before the traditional market opened. Today was also the first day of the BITO ProShares Bitcoin ETF on the NYSE.
There was a lot of speculation around what this could mean for Bitcoin and the best trading was had during these hours. The Low for the day was put in but then it was an uphill ride until 4PM. The High for the day and the swing-and-a-miss came 15 minutes before closing.
BITO opened up trading at $40.88 a share and swiftly rose to $42.15 – a High that would be chased for the entire day.
An Hour into trading and the swift drop to $40.07 came in. Unfortunately, this was not the $40 I know a lot of traders were looking for.
The Low was quickly reversed and price never came close to $40 again for the rest of the day.
The first 5 minutes of trading brought in somewhere around 1.8 Million Shares of Volume. Even at a low of $40/share, that’s still over $72M in 5 minutes of trading.
For the day, over 24 Million Shares were traded back and forth for a Dollar amount just shy of $1B in trading volume. Not bad for Day One but it was still not enough to breach Bitcoins’ current ATH.