Bitcoin is finishing preparing a stage for its key resistance breakout that may lead to a new all-time high. Recently, the SEC is likely to approve the bitcoin ETF and JPMorgan released data according to which investors lost appetite for gold and switched to buying bitcoin. This news fueled bitcoin's rally. The cryptocurrency may break through $60,000 at the close of this week's trading session.

The US regulator continues to tease investors and large companies by rejecting applications to launch an exchange-traded fund based on BTC. However, the SEC Chairman said that the chances of approving an application to launch a futures-based ETF are much higher. Recently, the regulator has approved an application to launch a fund from Volt Equity. The Volt Bitcoin Revolution ETF, which is not a bitcoin-based financial institution, was created. The primary purpose of the established entity is to track stocks of major investors and influencers on the BTC market. The fund includes shares of Tesla, PayPal, and Twitter. Its shares will be traded on the New York Stock Exchange Arca under the BTCR ticker. The approval of this establishment has caused even more excitement in the bitcoin futures market. This news has added to the chances of approval of a futures-based ETF on bitcoin. This is a significant event in the cryptocurrency market, as it will mark the beginning of a new cycle of bitcoin development.

JPMorgan analysts underlined three reasons why bitcoin has managed to reach $55,000. An inflow of institutional traders is called the main one. They use BTC as a hedging instrument against inflation, preferring it to gold. Notably, the on-chain analysis confirms the opinion of the bank's experts. It indicates that large companies continue to accumulate volumes of bitcoin. Analysts also consider the Fed and the SEC statements that they are not planning to ban cryptocurrencies to be an important factor in the growth of the BTC quotes. The third reason, which contributes to bitcoin's rally, is the significant progress of the "layer 2" payment protocol Lightning Network, which gained popularity due to Twitter. These three factors may help bitcoin continue its upward movement and set new historical records soon. In addition to the upcoming launch of the futures-based ETF, bitcoin developers are preparing a Taproot update, which will include smart contract technology to the BTC network.

Meanwhile, bitcoin's price is approaching the resistance located at $57,200 in the $50,000-$60,000 range. The correction structure and the horizontal line are located in the range. If the price manages to break this area, an open road will await BTC to its new record high. However, the 4-hour chart signals a decline or a consolidation. It seems to be usual as the price has just exceeded $55,000 and now it is trying to log inside the $55,000-$55,500 area. The MACD, the stochastic oscillator, and the RSI are moving sideways. It indicates a pause in growth and an attempt to consolidate in the safe zone before the rally to the next resistance. In addition, the 4-hour chart shows a bullish flag, so there are no doubts about further upward movement.

The situation on the intraday chart looks more positive due to all major metrics showing an uptrend. Most likely, after a period of stabilization, the indicators of the 4-hour chart may accelerate the growth in the quotes. In the next few hours, we might expect strengthened upward movement from the MACD, the stochastic oscillator and the RSI. At the same time, the RSI and the stochastic are in the overbought zone, which is normal during a powerful bullish rally. However, if these indicators do not decrease during the period of price stabilization, the probability of a correction and a test of the support level at $55,000 is likely to significantly increase. In general, bitcoin looks confident and follows the forecast, according to which the price may reach $60,000 by the end of this week.