- BITO current market price is $17.8, with a rise of -2.33% in 24 hours.
- BITO shares outstanding are $60.96 million.
- BITO total net asset is $891.2 million.
Using BITO, which maintains the liquidity and transparency of an ETF, one can gain exposure to returns tied to Bitcoin. Instead of a cryptocurrency account, a brokerage account can be used to buy and sell BITO. These funds can be used to diversify conventional assets.
The expenditure ratio was set initially at 0.95 percent. On October 19, 2021, BITO, the first Bitcoin-linked ETF, went live on the NYSE ARCA platform. Shares of BITO can be bought by investors either directly from the fund provider or through a brokerage.
Trend Analysis
Based on previous price data, BITO is in an uptrend. The price of BITO has increased by 26.20% during the last three days, indicating that it is currently outperforming. BITO price has dropped by -78.08% since its two-year high of $29.69, but it is now beginning to recover and is poised to break through the channel. It can strengthen the upward trend of the cryptocurrency.
BITO Price Analysis
Source: BITO/USD.1W.CAPITALCOM by TradingView
EMA
A positive sign is that the price of BITO(MKR) currently trades above both the 20-day and 50-day moving averages daily. Bullish momentum and buy-side investor sentiment are present for BITO, indicating high momentum.
MACD
MACD On the weekly timescale also exhibits bearishness and sends a wrong indication. At 0.43.56 and 0.45.06, respectively, are the MACD and signal lines. Both are above the zero line, confirming the positive trend and the MACD’s positive reading, which indicates future bullish movement.
RSI
The RSI, or momentum oscillator, examines how swiftly and sharply prices change. The scale ranges from 0 to 100, with readings above 70 indicating overbought conditions and below 30 indicating oversold ones. The 14 SMA line is 44.89 points below the median line and has a current RSI value of 54, meaning bullish market momentum.
Volume Analysis
The volume of BITO is rising, as seen in the chart, indicating that buyers are at the lower level and that a bullish run may result.
Technical Levels
Support – The current support level of the BITO is $9.39.
Resistance –The current resistance level of the BITO is $17.82.
Conclusion
The present price of BITO indicates short-term uncertainty. Investors are not currently showing much interest in purchasing BITO, and while the RSI indicator gives a neutral reading, the EMA and MACD both provide bearish indications. It made people feel worse about the coin.
Disclaimer
The ideas and opinions expressed by the article’s author or any other person mentioned are solely for informational purposes. They don’t offer advice on money, investments, or anything else. The possibility of financial loss exists while purchasing or exchanging cryptocurrencies.
