Bitcoin and Ethereum Surge in Trading – Latest BTC/USD and ETH/USD Updates
Bitcoin and Ethereum saw significant gains in trading recently, with BTC/USD and ETH/USD rising sharply. Bitcoin approached $72k in early June but fell to around $53.5k on July 5th after the German government sold about 50k confiscated Bitcoins from the illegal site Movie2k. On-chain analysis showed the German government’s Bitcoin wallet now holds zero coins.
The daily Bitcoin chart indicates BTC/USD is above the 20-day and 200-day moving averages. Reclaiming the 50-day moving average at $64k and a previous high near $65k could signal a further upward trend.
A bullish cup and handle pattern on the weekly Bitcoin chart suggests a potential uptrend in the coming months.
Ethereum traders are awaiting SEC approval for spot Ethereum ETFs from providers like BlackRock and Fidelity. Ethereum has also risen recently, crossing the 20-day and 200-day moving averages. The 50-day moving average is around $3.5k, with key levels at $3.6k and just under $4k.
Investors are keen to see if Ethereum ETFs will be launched this month after SEC’s approval. Ethereum’s recent price movements reflect a positive sentiment, with the 50-day moving average and key resistance levels in focus.
The article also discusses the importance of technical analysis in understanding market trends and forecasts. It emphasizes the significance of considering personal circumstances and seeking independent advice before engaging in leveraged trading in foreign currencies or off-exchange products.
Overall, the cryptocurrency market has shown resilience and potential for growth, with Bitcoin and Ethereum leading the way in recent trading sessions. Traders are closely monitoring key levels and developments to capitalize on potential opportunities in the market.
