In the market, traders widely trade Bitcoin and Ethereum, which are two of the most popular cryptocurrencies. Both having experienced a lack of volatility over the past few days. Investors and traders eagerly await the release of the Federal Open Market Committee's (FOMC) minutes tomorrow, wondering whether BTC and ETH will experience a surge.
Bitcoin (BTC), the world's largest cryptocurrency, has continued to rise and has gained some traction above the $25K mark. Meanwhile, the second most popular cryptocurrency, Ethereum (ETH), has surpassed $1,700 for the first time since September 2022.
In the last seven days, Bitcoin's value has risen by 15 percent, demonstrating rapid growth. Other popular cryptocurrencies such as Dogecoin (DOGE), Solana (SOL), Litecoin (LTC), and Ripple (XRP) also experienced slight increases.
A 1.69 percent increase was observed in the total market capitalization of all cryptocurrencies in a 24-hour period, reaching $1.13 trillion.
Improved macroeconomic conditions and renewed market optimism among investors could be the reason behind Bitcoin's upward rally. Furthermore, the Hong Kong Securities and Futures Commission (SFC) has recommended new laws for cryptocurrency trading platforms to enhance investor safety. This was deemed a significant factor influencing Bitcoin values.
Bitcoin's price has been fluctuating slowly within a tight range of $23,700 and $25,200 according to technical analysis. If the BTC/USD price manages to break above the $25,200 resistance level, it may continue rising towards the next significant resistance level of $26,000.
The leading technical indicators, including RSI and MACD, are showing divergence. The RSI is currently above 50 and in the buying zone. While the MACD is forming histograms below 0 and in the selling zone, leading to investor indecision.
If Bitcoin's price falls below the current support level of $23,750, the 50% Fibonacci retracement mark would serve as the next support level at $22,850.
After establishing support near the $1,650 mark, the ETH/USD pair has gained positive momentum. Ethereum's price has been fluctuating within a narrow range over the past two hours. As evidenced by the formation of a symmetrical triangle pattern on the 2-hour timescale, indicating market uncertainty.
If the cryptocurrency has a positive rebound over the $1,650 level, Ethereum's price may hit $1,720. Further gains for the bulls are possible if prices break out to the upside from the symmetrical triangle pattern and the $1,720 mark.
Ethereum has the support of around $1,650 and $1,625 to offset this decline. Analyzing the price of Bitcoin is similar to analyzing the RSI and MACD, which are displaying divergence. In both cases, analysts expect the $1,760 and $1,800 price levels to act as barriers. I cannot wait to see the future of the BTC and ETH!
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