Cryptocurrency market news

Traders now fear that the Fed is “behind the curve” and risks tipping the US economy into recession – bad (economic) news is once again bad news (for Bitcoin and other risk assets).

Surprising no experienced crypto market participant, the launch of cash Ethereum ETFs led to a classic “sell the news” reaction in ETH/USD’s price.

While Bitcoin's near-term momentum clearly favors the bulls after a big rally last week, the next leg of this bullish cycle won’t start in earnest until we see a confirmed breakout above the record highs in the $74K zone

The technical outlook for both Bitcoin and Ether would improve with rallies above the key $60K and $3300 levels respectively.

The Biden Administration has turned pro-crypto overnight, boosting the odds of a spot ETH ETF approval later today.

With bitcoin effectively taking its general trend from the stock market these days, traders should take note that US indices are mixed around all-time highs and Nvidia (a key driver of the Nasdaq) trades below resistance ahead of a key earnings report.

On Tuesday I outlined a bullish case for bitcoin futures whilst prices remained above $60k. One soft US CPI and retail sales report later, bullish range expansion has most certainly kicked in.

Welcome to another edition of Technical Tuesday, a weekly report where we highlight some of the most interesting markets that will hopefully appease technical analysts and traders alike. In this week’s report, we will analysis the EUR/USD, FTSE and Ether following recent bullish price action in all these markets.

Bitcoin momentarily touched a record high before reversing lower in spectacular fashion, weigh in risk and sending the Japanese yen broadly higher.

Some analysts are speculating that the market is “sniffing out” the fact that the US and other developed countries will be unable to maintain high interest rates for long given their record debt loads. See what it might mean for Gold and Bitcoin!

Bitcoin is the kind of market that can make a mockery of traditional technical analysis terms such as ‘overbought’ and ‘oversold’. But with it fast approaching its record high, how much fuel is left in this rally’s tank?

The U.S. Dollar set another fresh high yesterday, extending the bullish structure that’s priced in so far this year.

Traders are clearly “buying the rumor” when it comes to a Bitcoin ETF approval this week; the key question is whether they’ll “sell the news” once the ETFs are formally approved.

To the topside, bulls will be watching the 61.8% and 78.6% Fibonacci retracements of the 2021-2022 pullback around $48,500 and $57,400 as logical resistance levels, with little above those areas and the all-time record high near $69,000.

Bitcoin recovered almost all of 2022’s losses in 2023, and the cryptocurrency is entering an historically bullish period in its 4-year halving cycle.

A “physical” Bitcoin ETF would (will?) buy and hold Bitcoin equal to its assets under management, altering the fundamental supply and demand balance in the market.