Bitcoin has been on the rise with the start of the new month. The first week of October brought with it good tidings as top cryptocurrencies in the market had begun to rally for the first time in weeks. Bitcoin hit a new 4-month high on Friday with its break above $56K. Bulls have set their eyes on new all-time highs before the end of the year and CEO of Galaxy Digital Mike Novogratz has echoed this sentiment. more
The crypto market and analysts are pretty confident about the arrival of the first Bitcoin ETF in the U.S. ahead of this month. It has been years of waiting for the crypto community and any such approval can lead to a 2017-like bull run in the BTC price.
As per the latest Bloomberg report, there’s every possibility that four Bitcoin ETFs could be coming ahead this month. SEC Chairman Gary Gensler has recently suggested a possibility of getting a Bitcoin ETF that tracks Bitcoin futures. Meaning, these ETFs will hold bitcoin futures offered by the CME Group rather than the underlying asset. more
Ethereum extended its rally towards the $3,650 level against the US Dollar. ETH price is correcting gains, but dips are likely to remain limited below $3,500.
Ethereum started a fresh increase above the $3,600 resistance level.
The price is now trading above $3,500 and the 100 hourly simple moving average.
There was a break below a contracting triangle with support near $3,580 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase as long as it is above the $3,500 level. more
Investor interest in Ethereum is no longer a novel phenomenon. The second-largest asset by market cap has seen more support with the rise of decentralized finance on its ecosystem. Applications of Ethereum have been the major drive behind the growth of the cryptocurrency and institutional and individual investors alike see the asset outgrowing number 1 coin Bitcoin in the coming years.
A recent CoinShares survey has echoed the sentiment that has been held by investors in the market for a while now. It showed that number of investors who believe Ethereum is set to outpace Bitcoin is over twice the number of investors who are bullish on the growth of bitcoin. Lately, investors have been moving out of their bitcoin positions in favor of ethereum, and the CoinShares survey shows that this might only be the beginning. more
Bitcoin started a downside correction from the $55,700 zone against the US Dollar. BTC is correcting lower, but dips remain supported near $53,000 and $53,200.
Bitcoin started a downside correction from well above the $55,500 level.
The price is now trading above $53,000 and the 100 hourly simple moving average.
There was a break below a key bullish trend line with support near $53,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct lower, but the bulls are likely to remain active near $53,000 more
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