Bitcoin has gained mass appeal in recent times as the leading digital asset bitcoin (BTC) has reached its highest value ever in 2021. On Thursday morning (EST), BTC spiked to an all-time high (ATH) around 48000$. Earlier in the morning bitcoin was saw an 8.98% increase since then.

The price of Bitcoin (BTC) is showing signs of a newfound rally as it breaks the $40,000 resistance area. There is a combination of optimistic on-chain data points and a favorable market structure that is leading analysts and traders to anticipate an impending Bitcoin breakout to a new all-time high.

There is a combination of optimistic on-chain data points and a favorable market structure that is leading analysts and traders to anticipate an impending Bitcoin breakout to a new all-time high.

One positive on-chain data point that raises the chances of a Bitcoin breakout is the increase of whale addresses. Analysts at Santiment said that Bitcoin whales have continued to accumulate despite the increase in the price of the asset: “The whales of #Bitcoin (1,000+ $BTC addresses) haven’t stopped accumulating, while the mid-tier traders (10-1,000 $BTC) haven’t stopped taking profit as its price hovers around $38,000. Meanwhile, the small addresses have been #FOMO’ing back in rapidly!”

Adding a boost to the Bitcoin, A Bitcoin exchange traded fund for investment firm Accelerate Financial has been approved in Canada. This makes it the first officially approved Bitcoin ETF in North America after the Ontario Securities Commission gave the green light for the institutional product.

Founder and CEO of Accelerate, Julian Klymochko, said; “Bitcoin has been one of the best performing asset classes on a 1-year, 3-year, 5-year and 10-year basis, both absolute and risk-adjusted. Given Bitcoin’s historical track record and future potential, along with its portfolio diversification properties, we are looking forward to offering investors exposure to the asset class in an easy-to-use, low-cost ETF.”

BTC/USD 4 Hour Chart:

Support: 44312.3 (S1), 41789.8 (S2), 39617.5 (S3).

Resistance: 49007.2 (R1), 51179.5 (R2), 53702.1 (R3).

All the catalysts favors Satoshi Nakamoto’s invention – Bitcoin and we expect a bullish trend for BTC/USD.