Bitcoin (BTC) has been facing stiff resistance near the $60,000 level for the past few days. This suggests that market participants are cautious at these levels and a positive trigger may be needed to drive the price higher and start the next leg of the uptrend.

One of the developments that could be bullish for Bitcoin is that Brazil followed in the footsteps of Canada and gave the green light for the launch of a Bitcoin exchange-traded fund. The ETF will be managed by QR Asset Management…