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Bitcoin traded as high as $57,030 today and is currently trading just below $57,000. This is the highest level since 2021. The cryptocurrency has risen 34% since the start of 2024, driven largely by expectations that the Federal Reserve will cut rates this year, and the start of Bitcoin exchange-traded funds. Another factor is that the next bitcoin halving is due on 19 April.
Bitcoin has appreciated into a resistance zone around the $49,000 area (red shaded horizontal). Moreover, the daily RSI has moved into overbought territory (green rectangle). It is unlikely that the indicator will stay overbought for long, suggesting that the overhead resistance level may be a key reaction level for the cryptocurrency.
Bitcoin has appreciated as a general risk-on sentiment has grown and will react to the FOMC rate announcement tomorrow. In this regard, it is anticipated that yields will decline over the course of 2024, which should provide a tailwind to the risk market, including cryptocurrencies.
The US regulator approved a number of spot bitcoin exchange traded funds, in a long awaited move
The market is eagerly waiting for an announcement by the SEC on whether spot Bitcoin ETFs will be approved. This led to an incident yesterday where the SEC’s X account was accessed, and a fake comment was posted claiming that approval had been given. This fuelled a brief surge in Bitcoin’s price, where it climbed to almost $48,000 per coin. However, the cryptocurrency dropped to $45,000 after it emerged that…
Bitcoin is currently trading around $45,280. This is the highest level the cryptocurrency has traded at since April 2022. The price support is due to market anticipation of an approval for a spot bitcoin exchange trade fund.
DOGE/USD completed ten years since its launch this month, hitting new 2023 highs, amidst broader crypto boost on ETF hopes and optimism for Fed cuts that weigh on the greenback
Bitcoin has had an astounding start to December. The cryptocurrency is already up around 17% and it is only the first week of the month. However, there is a question of whether it has run too hard too soon. Bitcoin’s daily RSI is severely overbought at 90.10 – a reading of 80 or above is considered as overbought. Given this reading, there may be a near-term price ceiling for the…
BTC/USD roars past 40K for the first time this year, helped by optimism for spot crypto ETFs and rate cuts by the Fed
The altcoin is heading towards a profitable month on spot ETF optimism and greenback weakness, but faces pressure today after rejecting the 2023 highs
Bitcoin declined yesterday by 4.57% following the shock news that Binance Holding’s CEO Changpeng Zhao pled guilty to anti-money-laundering violations and will step down from the crypto exchange. Binance, which is owned by Zhao, has also pled guilty and will pay $4.3 billion in fines, with Zhao agreeing to pay $50 million. Moreover, Zhao may face an 18-month prison term as federal guidelines.
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