Bitcoin price faces volatility, down 3.35% in the past 24H.
Ethereum ETF approval triggers market anticipation; historic parallels with Bitcoin ETFs.
Bitcoin has experienced significant volatility over the past 24 hours, decreasing by 3.35%. After peaking at $70,041.27, the price eventually fell to $66,356.95. Three days ago, Bitcoin hit a monthly high of $71,979, but the bulls couldn’t maintain the momentum. Despite this, Bitcoin is up 2.30% over the past week, with trading volume increasing by 42%.
Today marks a major event for the crypto market with the approval of Ethereum ETFs. This news has generated anticipation, similar to the reaction when Bitcoin ETFs were approved, causing market volatility. Ethereum surged to its highest price since mid-March, exceeding $3,900 early Thursday, but then tumbled to near $3,700.
For Bitcoin, analysts suggest it might need to bottom out below $56,000 before bouncing back for a historic bull run. Currently, it is 8.25% away from its all-time high (ATH).
Additionally, the activity of “whales” (large BTC holders) is noteworthy. Reports of two dormant wallets, inactive for nearly 11 years, suddenly moving BTC worth $60.9 million could spook market participants. This activity coincides with a drop in key on-chain metrics.
Bitcoin Bears To Take Over?
Analyses of Bitcoin’s price movements indicate a bearish trend. The 9-day EMA is currently positioned below the trading price at $67,130. However, the daily relative strength index (RSI) suggests a neutral condition, standing at 53.
BTC Price Chart, Source: TradingView
Should the bulls regain control, BTC might surge above $68,106 and potentially reach $73,877. Conversely, if the bears prevail, the price could drop to $60,380 and potentially further to $50,274.