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Daily Market News
Bitcoin and Ethereum Trade Sharply Higher - BTC/USD and ETH/USD Latest
BTC/USD and ETH/USD Latest
- Bitcoin eyes $65k as buyers dominate recent price action.
- Will Ethereum spot ETFs be launched this month?
The cryptocurrency market turned higher over the weekend and in early European trade, regaining some of June’s hefty losses. After touching a $72k high in early June, sellers took control of the market and pushed BTC/USD down to a multi-month of $53.5k on July 5th. During this period, the German government sold approximately 50k Bitcoin into the market, coins that had been confiscated from the illegal streaming site Movie2k. On-chain analysis shows the German government’s cryptocurrency wallet now has a zero Bitcoin balance.
The daily Bitcoin chart shows BTC/USD back above the 20-day and the 200-day simple moving averages. A reclaim of the 50-dsma at $64k and a prior swing high at just under $65k would set the tone for a higher move.
BTC/USD Daily Price Chart
On the weekly chart, a bullish cup and handle pattern continues to be formed and suggests that Bitcoin will move higher over the coming months.
BTC/USD Weekly Price Chart
Ethereum traders are waiting for launch dates from the SEC on the highly anticipated Ethereum spot ETFs. In late May the SEC gave the regulatory go-ahead to several spot Ethereum ETFs from eight providers, including BlackRock, Fidelity, Franklin Templeton, and VanEck. Final SEC approval and launch date are expected shortly.
In line with Bitcoin, Ethereum has climbed higher over the last week and is also back above both the 20-day and 200-day simple moving averages. The 50-day sma is currently located at just under $3.5k. Above here, $3.6k comes into view, ahead of a recent lower high at just under $4k, before the March 11th multi-month high at $4,095 comes into play.
ETH/USD Daily Price Chart
What is your view on Bitcoin and Ethereum – bullish or bearish?? You can let us know via the form at the end of this piece or contact the author via Twitter @nickcawley1.
https://www.dailyfx.com/news/bitcoin-and-ethereum-trade-sharply-higher-btc-usd-and-eth-usd-latest-20240715.html
