Bitcoin (BTC) and Ethereum (ETH) soared to unprecedented heights, marking a significant milestone in the cryptocurrency market’s upward trajectory.
Bitcoin (BTC) and Ethereum (ETH) surged to 18-month highs, breaking resistance levels and revisiting May’s prices in a weekend rally. The cryptocurrency market’s recent positive trend is fueled by anticipation of around a dozen spot Bitcoin ETF applications awaiting U.S. approval. Investors are closely watching for regulatory decisions on these applications. The outcome will likely impact the market’s trajectory in the coming weeks. Securities and Exchange Commission (SEC). A notable CNBC report revealed that SEC officials held discussions with industry giants BlackRock and Grayscale, amplifying the prevailing bullish sentiment. BlackRock, a major player in the financial space, has submitted applications for both Bitcoin and Ethereum spot ETFs, drawing attention as a significant participant. Remarkably, BlackRock boasts an impressive track record, with 575 out of 576 ETF applications receiving approval.
Bitcoin (BTC) and Ethereum (ETH) Achieve New Heights
Bitcoin’s technical outlook turned positive in mid-October, marked by the emergence of a bullish pennant pattern in BTC/USD. This development aligned with a Golden Cross, a bullish signal generated by the 50-day/200-day moving average crossover, and triggered a series of higher lows. Recent sessions witnessed the swift breach of previous resistance levels at $38,000 and $40,000. The cryptocurrency now eyes the next challenge, a horizontal resistance near $43,000.
Ethereum (ETH), although trailing behind Bitcoin’s performance this year, has still exhibited a noteworthy rally, surging from approximately $1,200 to $2,260 since the beginning of the year. The ETH/USD maintains a positive outlook, featuring a Golden Cross formation on November 21st and a consistent pattern of higher lows since late October. With the decisive breakthrough of resistance at $2,140 last
On Friday, Ethereum positioned itself for additional gains, with $2,500 and $3,000 emerging as the subsequent strategic milestones.