Bitcoin Rallies to Three-Month High Amid Optimism of SEC Approving Spot Bitcoin ETFs
Bitcoin experienced a surge to a multi-month high as market optimism grew regarding the approval of several spot bitcoin exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC). SEC Chair Gary Gensler confirmed that the regulator is currently reviewing up to ten filings for the product. This positive development coincided with the dropping of a lawsuit against Ripple’s senior leadership by the commission.
Bitcoin Surges Above $30,000, Reaching Strongest Point Since July 23
The price of Bitcoin, denoted as BTC/USD, soared above $30,000 as sentiment improved, reaching a peak at $30,104.09. This surge follows Thursday’s low of $28,449.96 and marks Bitcoin’s highest point since July 23. The breakout of a ceiling at 69.00 on the relative strength index (RSI) also contributed to the gains. Currently, the RSI stands at 71.14, indicating overbought territory. However, there has been some profit taking in the market, causing Bitcoin to trade at $29,475.77 at present.
Ethereum Rises Above $1,600 Level with Highest Point Since Start of Week
Ethereum (ETH) also experienced an increase on Friday, surpassing the $1,600 level once again. After reaching a low of $1,553.03 on Thursday, ETH/USD peaked at $1,628.61 earlier in the day. This rise brought Ethereum to its highest point since the beginning of the week when its price exceeded $1,640.
Bulls Target Resistance at $1,650 for Ethereum
After rejecting a breakout below the support point of $1,540, Ethereum bulls now have their sights set on the resistance level of $1,650. To achieve this, the RSI, which currently reads at 51.81, will need to surpass its own ceiling at 55.00.
Hot Take: Bitcoin and Ethereum Surge on SEC Optimism
The recent surge in Bitcoin and Ethereum prices can be attributed to growing optimism surrounding the approval of spot bitcoin ETFs by the SEC. This positive development has instilled confidence in the market and led to increased investor sentiment. As a result, Bitcoin reached its highest point in three months, while Ethereum climbed above the $1,600 level once again. These bullish trends indicate positive momentum for both cryptocurrencies and suggest a promising outlook for the future.
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