Ethereum
Bitcoin and Ethereum trade sharply higher
Latest BTC/USD and ETH/USD
- Bitcoin eyes set on $65,000 as buyers dominate recent price action.
- Will Ethereum Will spot ETFs be launched this month?
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The cryptocurrency market has been on the rise over the weekend and in early European trading, recovering some of June’s heavy losses. After hitting a high of $72,000 in early June, sellers took control of the market and pushed BTC/USD On July 5, the German government’s cryptocurrency wallet reached a monthly balance of $53,500. During this period, the German government sold approximately 50,000 Bitcoins on the open market, coins that had been confiscated from the illegal streaming site Movie2k. On-chain analysis shows that the German government’s cryptocurrency wallet now has a zero Bitcoin balance.
The daily Bitcoin chart shows that BTC/USD is back above the 20-day and 200-day simple moving averages. A recovery above the 50-day simple moving average at $64,000 and a previous high just below $65,000 would set the tone for a move higher.
BTC/USD Daily Price Chart
On the weekly chart, a bullish cup and handle pattern continues to form and suggests that Bitcoin will move higher in the coming months.
BTC/USD Weekly Price Chart
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Ethereum traders are awaiting launch dates for the SEC’s highly anticipated Ethereum spot ETFs. In late May, the SEC gave regulatory approval to several Ethereum spot ETFs from eight providers, including BlackRock, Fidelity, Franklin Templeton, and VanEck. Final SEC approval and a launch date are expected soon.
In line with Bitcoin, Ethereum has climbed higher over the past week and is also back above the 20-day and 200-day simple moving averages. The 50-day simple moving average currently sits just under $3,500. Above that, $3,600 is in sight, ahead of a recent low high just under $4,000, before the March 11 multi-month high at $4,095 comes into play.
ETH/USD Price Daily Chart
What is your opinion on Bitcoin and Ethereum – bullish or bearish? You can let us know via the form at the end of this article or contact the author via Twitter @nickcawley1.
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