Blackrock’s Bitcoin ETF Application Causes Volatility
Blackrock’s recent application to the SEC for a Bitcoin ETF has resulted in increased volatility for Bitcoin. The recent rally pushed Bitcoin’s price above $30,000, while Ethereum is still facing resistance. However, Bitcoin is forming a new pattern that could potentially lead to a breakout.
- Bitcoin is facing an important resistance level of around $30.5K
- A weekly close above $31,000 would confirm the breakout
- Temporary cooldown in Bitcoin’s price due to overbought RSI
- If breakout occurs, next target would be around $37,000
- If support is broken, a move down to $28.8K is possible
- Breakout above resistance could lead to a move toward $32,000
Ethereum Faces Loss of Bullish Momentum
Ethereum, on the other hand, is still trading above a support range that was previously resistance. However, it has experienced a loss of bullish momentum due to a rejection from an important Fibonacci level. This has led to expectations of either sideways price action or a slight pullback in the short term.
- Ethereum is trading above a support range between $1,770 and $1,820
- Loss of bullish momentum due to rejection from the golden pocket
- Expectation of sideways price action or slight pullback in the short term
- Support levels can be found around $1,820 and $1,750 to $1,780
Hot Take:
The application for a Bitcoin ETF by Blackrock has sparked volatility in the market, with Bitcoin showing signs of a potential breakout. However, Ethereum is facing a loss of bullish momentum and may experience sideways movement or a slight pullback. It will be interesting to see how these developments play out in the coming weeks.
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