Market Updates

The week concluded with the long-awaited approval of the Spot Ethereum ETF by the SEC. Speculation about the approval had driven bullish behavior in the price of Ethereum throughout the week, with the cryptocurrency hovering around $3.6K

Bitcoin is at a turning point, as analysts speculate whether the cryptocurrency's price will continue to act bullish or fall below the $59K level, creating some downward pressure.

Bitcoin's price has stabilized near $60K, marking a phase of sideways movement. Buyers are targeting $73K in the near future to push the price to new record highs.

At the time of writing, BTC is trading at $67.7K, down 6.8% in the last 24 hours. Similarly, ETH is trading at $3.6K, up 5.9% in the previous 24 hours.

At the time of writing, BTC is trading at $62.1K, down 1.09% in the last 24 hours. Similarly, ETH is trading at $3.4K, down 1.7% in the previous 24 hours.

At the time of writing, BTC is trading at $52.2K, down 0.28% in the last 24 hours. ETH is trading at $2.86K, up 0.96% in the previous 24 hours.

In the last week of the month, Bitcoin faced resistance at $48K but found support near the 100-day moving average, causing a small retreat. Analysts say it might go down to a significant support level at $38K if it pulls back further. Similarly, Ethereum's price has declined in the past few weeks after facing a clear rejection at a major resistance level.

Over the past week, after attempting to surpass the crucial $48K resistance, Bitcoin faced significant selling pressure, leading to a notable rejection and a decline to the $41K level. Nevertheless, it appears poised for a short consolidation before its next significant market movement.

Thursday, January 4th, Bitcoin substantially declined, fluctuating over 10% within 24 hours. Although the crypto market has not breached any notable support levels, analysts say it is crucial to investigate the reasons behind this shift and understand its implications, especially with the ETF rumors the past week.