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Bitcoin price is finding buyers at $67,700, about 30 minutes before the daily close, showing a strong recovery from the dip. ETH has returned to $3,500, with daily gains surpassing 10%. These hours serve as a reminder of what rapid gains in crypto look like for investors who were bold during the recent downturn.
Bitcoin Commentary
If the recent downturn has left you depressed and wondering when prices will rise, you may soon part with your crypto at the cost you paid. Crypto markets are fraught with risks, and there is no constant rise or fall. There are trends, and crypto has been in an uptrend for months. Nevertheless, we’ve seen losses exceeding 20%, and we’ll likely continue to see them throughout the rest of the year.
Although challenging for new investors, cryptocurrencies are known for their high volatility, and getting accustomed to this is necessary. There is also the potential to wake up one morning to find that all cryptocurrencies have suffered losses exceeding 90% due to various potential global events.
Turning to today, GBTC outflows have weakened, and in a few hours, we’ll likely see entries into ETFs, including those from BlackRock and Fidelity, dated March 20. The passing of the Fed meeting is encouraging investors to act with renewed risk appetite, as evidenced by the over 20% increase in DOGE price.
Bitcoin reversed from the support line of the rising channel on March 18, indicating that bears were trying to turn the area into resistance, but they failed. The 20-day EMA ($65,271) is a key area, and the price is currently targeting $69,000 and $73,777. Closures above this will bring the targets of $76,000 and $80,000 back into consideration.
Ethereum (ETH)
The SEC has taken action for the altcoin king, indicating that the likelihood of an ETF approval on May 23 has significantly weakened. Perhaps things will change by BlackRock’s final decision in July? It’s hard to know today, but the SEC’s battles with XRP, Binance, Coinbase, and others, and now potentially Ethereum, are not a huge surprise given our past experiences with these shocks.
We are approaching closures above $3,550 for ETH, and if successful, the price could reach back above $4,000.
