Aptos Price Bounces 14% After Bitwise Files S-1 Registration for Aptos ETF

During Wednesday’s trading session, the Aptos price bounced 14% to reach the current trading price of $6.22. The surge in buying pressure can be attributed to Bitwise’s submission of an S-1 registration for an Aptos ETF, which has sparked renewed investor interest in the asset.

Aptos price shot up 14% during Wednesday’s trading session, reaching the current trading price of $6.22. The surge in buying pressure can be attributed to Bitwise’s submission of an S-1 for an Aptos ETF, sparking renewed investor interest in the asset.

As broader market correction eased, the APT price reversal aims for a rally to $10.

Key Highlights:

* Bitwise Files S-1 for Aptos ETF, Awaiting SEC Approval

On March 5th, Bitwise, a renowned crypto asset manager, filed an S-1 registration statement with the Securities and Exchange Commission (SEC) for the Bitwise Aptos ETF.

This move follows the previous registration of the Bitwise Aptos ETF in the state of Delaware, USA.

The filing of an S-1 is a significant step in launching a publicly traded financial product. However, the SEC’s review process is usually lengthy and approval is not guaranteed.

The introduction of an Aptos-based ETF is a noteworthy development for the Layer 1 blockchain ecosystem. It could bring increased institutional interest and liquidity to the Aptos network.

If approved, this ETF would provide a regulated way for investors to gain exposure to Aptos, potentially driving a surge in demand pressure.

* Aptos Price Shows Accumulation Trend At Multi-Year Support

For over a month, the Aptos price has been consolidating between two horizontal levels of $6.82 and $4.7. This consolidation zone signals an opportunity for buyers to accumulate and generate enough bullish momentum for a breakout above a major support zone.

Historical data from TradingView charts shows that bullish reversals from this support have often led to impressive rallies in the APT price, with gains ranging from 200% to 312%.

As of press time, the APT price is trading at $6.21, just 10% below the challenge of the overhead resistance. A breakout above this resistance zone could accelerate the ongoing recovery rally.

The momentum indicator RSI is in a recovery phase, which indicates that the bullish momentum is slowly recuperating.

A potential breakout from $6.87 will likely accelerate the buying pressure and kickstart a fresh recovery cycle. Conversely, a breakdown below $4.7 will trigger a major correction and signal weakness in the market.