In a dramatic turn of events, the Securities and Exchange Commission has given the green light to all Spot Ethereum ETFs, sending shockwaves through the financial world.
However, while Ethereum enthusiasts rejoice, the rest of the crypto market is reeling from yet another blow. Bitcoin, the leading cryptocurrency, has taken a nosedive of almost 2% on Friday, leaving investors on edge and wondering what’s next for this volatile industry.
Ethereum ETF Approval A Damp Squib For $BTC Price
Excitement filled the air as the unexpected news of the SEC’s approval of all Spot Ethereum ETFs broke on Thursday. Many believed that this could be the catalyst to propel the crypto market into a new era of bullish growth. But alas, the following day brought a different story. Bitcoin fought to hold onto its $67,000 price point, while Ethereum saw a dip of over 3%.
A ‘Sell The News’ Event
As the world of ethereum buzzed with anticipation, a ‘sell the news’ event loomed on the horizon. With $ETH soaring a staggering 28% in just four days, it was only natural to wonder what would happen next.
$BTC Falls Out Of Mini Bull Flag
Breaking out of its tiny bull flag on the hourly chart, $BTC has taken a downward plunge, signaling a bearish trend. While there is solid support below, the price must hold its ground to avoid a potential drop to the next support level of $64,000.
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Fake Out On The Large $BTC Bull Flag
The Mighty Bull Flag Unfurls on the Higher Time Frame. Keep Your Eyes Peeled for a Potential Fakeout as Price Returns Inside the Flag. But Don’t Worry, Strong Support at This Level Could Save the Day. However, If Price Breaks Down, the Bull Flag Could Take Us Back to $55,000.
$BTC Omens Very Positive For Rest Of Year
The 4-hour, 8-hour, and 12-hour stochastic RSIs are finally reaching their lowest points, indicating a potential upward surge for the $BTC price. But wait, there’s more.
The bull flag is still waving strong, with solid support levels beneath, including the highs from the previous bull market of 2021. And if that’s not enough to get your heart racing, the weekly stochastic RSI is showing a promising cross up from the bottom.
The winds of change are blowing and momentum is about to reignite the crypto market. As the US political landscape shifts, a wave of opportunity is on the horizon for digital currencies.
With the upcoming elections in November, a loosening of monetary policies and an influx of liquidity could be the fuel that propels this bull market to new heights.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.