Bitcoin (BTC) in the last 24 hours it has not changed significantly in price and is still trading above the $66,000 level.
Ethereum rose by 2% or Dogecoin by 2.5%, while Cardano weakened by 2%. However, we did not see more significant movements among the most watched cryptocurrencies by market capitalization.
The SEC deferred final verdicts on the applications BlackRock and Grayscale O spot Ethereum ETF. It was an expected decision that did not affect the price of ETH. The final verdict on Ethereum spot ETFs is expected to come in the second half of May.
Standard Chartered, meanwhile, said the likelihood of an Ethereum ETF being approved this year is slim. In the case of BTC, he sees it as a realistic scenario in which the price would rise by the end of the year $150,000 and Ethereum to value $8,000.
Fear and Greed index is at 72 points out of 100, which means that the market is still greedy according to this indicator.
Meanwhile, sentiment on the stock market improved slightly, US indices strengthened and bounced back from the previous correction, which may play into the cards for cryptocurrencies as well if this trend continues. However, the following days can be volatile, as the earnings of the big giants are coming up in the US (Meta, Alphabet, Microsoft) and also the data about GDP and inflation in the US.
Bitcoin ETF in Green
Spot bitcoin ETFs finished in the green for the third day in a row, although once again capital inflows were few and far between.
Total added to BTC ETFs in the US on Tuesday 478 BTC ($32 million)to which they contributed in particular BlackRock (+508 BTC) a Ark (+500 BTC). He was traditionally on the sales side Grayscale (GBTC) with an outflow of 1004 BTC, respectively 67 million dollars.
Thus, the trend of smaller outflows from GBTC continues, but also in combination with significantly less interest in other ETFs in terms of their accumulation.
Monitoring a significant technical level
In the meantime, traders are watching to see if Bitcoin will surpass the previous high in the so-called Bitcoin in the foreseeable future. 200-day moving average.
Its record value was set so far in February 2022 at the level $49,452.
Currently, this indicator is at the level $47,909i.e. close to the previous highs.
Historical data shows that the most intense phase of BTC’s bull cycle occurs when Bitcoin breaks its previous high at the 200-day moving average.
When he did so in November 2020, his value rose from less than $10,400 by April 2021 to more than $63,000.
After December 2016, when it surpassed the previous high of this indicator from 2014, it rose from less than $700 by December 2017 to the then maximum approximately $20,000.
Of course, history may not guarantee future price development, but many believe that it could repeat itself again, as Bitcoin’s price pattern again mimics the cycles of previous bullruns in many ways.
Source: Author, Coingecko, Coindesk, X, coindesk.com
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