Bitcoin is close to reaching $60,000 

On Friday, the world’s biggest cryptocurrency rose and hit its five-month high by just several inches away from $60,000.

Bitcoin rose as high as $59,922, reaching its highest level since the beginning of May. However, it struggled to go over the $60,000 line.

According to Coin Metrics data, Bitcoin was last trading 2.6% higher during the previous 24 hours, for $59,113.

According to analysts, traders are optimistic about the opportunities of the U.S. Exchange Commission granting the green light to the bitcoin exchange-traded fund.

On Tuesday, ETF will show up at the New York Stock Exchange.

ETF`s approval giving investors exposure to bitcoin might be a landmark for the crypto industry, trying to push for greater acceptance on Wall Street.

Comments on the changes

Head of Asia Pacific at crypto exchange Luno, Vijay Ayyar, told CNBC that the market is expecting approval from the ETF on Monday, which will drive the price up.

Vijay Ayyar added that they are at around 57-60K, considered high time frame resistance. Therefore if the ETF decides to reject, it could result in sending Bitcoin back to 52-55K levels. However, overall the trend still seems optimistic, and there are also many other ETF applications on their way.

On Friday, not all cryptocurrencies experienced a boost from the ETF news. The second-largest coin in the world (Ether) rose by around 3.8% to $3,778. However, XRP remained down about 0.8%, while ADA also fell by approximately 0.4%.

Bitcoin and other cryptocurrencies experienced a lot of changes this year. Bitcoin scored an all-time high of approximately $65,000 at the beginning of this year (April). It was before it started to decrease sharply after a crackdown on the market in China. Besides these events, it again experienced a rise in price this year.