On Sunday, Bitcoin (BTC) price showed a 0.3% loss after a two-day rise, indicating relatively stable behavior in the cryptocurrency market. BTC is 6.7% below its all-time high of $73,800, and with the recent approval of spot Ethereum ETFs by the US SEC, the broader market may also show a bullish outlook.
Bitcoin Eyes All-Time High
However, since ETF issuers need to wait for the approval of S-1 registration statements before starting trading, the full potential of this development has not yet been realized. According to cryptocurrency analysts, this approval process could take several weeks or even months. As the cryptocurrency market has not yet entered a high-momentum rally, tokens like Bitcoin and Uniswap may offer suitable entry opportunities for new positions.
This week was quite volatile for the cryptocurrency market due to the mixed market around the spot ETH ETF. However, BTC managed to stay above $66,000. A recent reversal at this level increased the token price by 4%, trading at $69,095. According to the 21milyon.com website, Bitcoin’s market value is $1.362 billion, while the 24-hour trading volume fell by 33% to $15.5 billion.
Uptrend in UNI
On the daily chart, a rising trend line is leading the current recovery trend in BTC. Before challenging the peak of $73,800 again and targeting a new high above $76,000, this dynamic support showed a strong uptrend for Uniswap (UNI) price, with a sharp rise from $6.735 to $11.4, marking a 70% increase. The mentioned recovery pushed the altcoin above two significant horizontal levels of $8.35 and most recently $10.4, offering buyers the next step to lead a higher rally.
At the time of writing, Uniswap shows a market value of $6.8 billion, ranking among the top 20 cryptocurrencies. If the recent breakout from $10.4 continues, buyers may target potential levels of $13.3 and then $17. With the current momentum, the 20-day EMA may provide support for the UNI price dynamics to extend the recovery trend.
