Bitcoin (BTC/USD) Continues to Post Fresh Multi-Month Highs, Ethereum (ETH/USD) Eyes $3k


Bitcoin (BTC) and Ethereum (ETH/USD) Prices, Charts, and Analysis:

  • Nine green candles in the last ten days.
  • Bitcoin halving event the next driver of price action.

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The post-ETF approval/pre-halving Bitcoin rally is in full flow with the largest cryptocurrency by market cap up by over 20% in the first half of February. Heavy demand for the 11 new spot Bitcoin ETFs is pushing the price ever higher with BTC/USD now back at levels last seen at the end of November 2021. Bitcoin futures open interest is also through the roof and currently stands over $23 billion, according to Coinglass data

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With demand from the post-ETF approval now in full flow, the next major event facing Bitcoin traders is the latest ‘halving’ event due in mid-April. The past three halvings have seen Bitcoin move sharply higher in the months after the event, and if history repeats itself then the November 8th 2021 ATH at a fraction under $69k will come under heavy pressure.

The Next Bitcoin Halving Event – What Does it Mean?

The daily chart shows the spot Bitcoin price trading on either side of $52k. A confirmed break above this level will allow BTC/USD to press higher with little in the way of technical resistance until $59k-$60k comes into view. A short period of consolidation may be needed but unless there is a fundamental change in market sentiment, the path of least resistance over the coming weeks remains higher.

Bitcoin Daily Price Chart

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Chart via Trading View

Ethereum is also rallying hard as traders and investors look to potential spot Ethereum ETFs in the coming months. A handful of Ethereum ETF applications are already in the SEC’s in-tray and talk is growing that a decision, one way or another, may be made towards the end of H1. As always, care should be taken until a definitive decision is made. On its current trajectory, $3k is within reach with a couple of levels of resistance off weekly highs before $3,582 comes into view.

Ethereum Weekly Price Chart

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Chart via Trading View

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 you can contact the author via Twitter @nickcawley1.





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