Bitcoin experienced a modest increase this past Thursday, influenced by remarks from Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC). Gensler disclosed that the regulatory body is in the process of evaluating between eight and ten proposals for bitcoin exchange-traded funds (ETFs).
After breaking a two-day sequence of losses this Thursday, Bitcoin responded positively to Gensler’s statements concerning prospective spot bitcoin ETFs.
The BTC/USD trading pair touched a high of $28,566.75 in the wake of the news, up from a low of $28,174.25 during Wednesday’s trading session.
The current uptick can be attributed to bullish investors driving the cryptocurrency’s price above a recent support level established at $28,200.
BTC/USD – Daily Technical Chart
In an examination of the daily chart, a recovery is observed as the 14-day Relative Strength Index (RSI) found support at 63.00.
At present, the RSI stands at 64.35, just shy of the upcoming resistance point at 65.00.
For a bullish momentum to gain further traction, this resistance must be breached in the near term.
Contrarily, Ethereum (ETH) extended its losing streak to a third session as it encountered a durable support level.
After reaching a high of $1,580.26 on Wednesday, the ETH/USD trading pair fell sharply to an intraday low of $1,543.59.
This decline brought Ethereum, the world’s second-largest cryptocurrency, close to a crucial support level at $1,540.
ETH/USD – Daily Technical Chart
This downward movement is accompanied by the 10-day (red) moving average continuing its descent, intersecting in a bearish manner with the 25-day (blue) trend line.
Previously, when bearish momentum led to a breach below this significant support level, Ethereum’s value plummeted to a seven-month low.
Subscribe for Weekly Price Analysis Reports
A summarization of the week’s most impactful cryptocurrency news is available.
We invite you to share your insights and predictions on whether this support level will be broken in the immediate future in the comment section.
Frequently Asked Questions (FAQs) about Technical Analysis of Bitcoin and Ethereum
What is the main focus of this article?
The main focus of this article is a technical analysis of Bitcoin and Ethereum, particularly examining their recent price movements in the context of comments from Gary Gensler, the Chair of the U.S. Securities and Exchange Commission. The article also discusses the SEC’s ongoing review of multiple Bitcoin ETF applications.
Who is Gary Gensler and what role does he play in this article?
Gary Gensler is the Chair of the U.S. Securities and Exchange Commission (SEC). His recent comments about the SEC currently reviewing between eight and ten proposals for Bitcoin exchange-traded funds (ETFs) have influenced the market, particularly the price of Bitcoin.
What are the key levels discussed for Bitcoin?
For Bitcoin, the article highlights a recent support level at $28,200 and a peak price of $28,566.75. The 14-day Relative Strength Index (RSI) also finds mention, indicating a support point at 63.00 and a next point of resistance at 65.00.
What are the key levels discussed for Ethereum?
For Ethereum, the article identifies a durable support level at $1,540 and notes that the ETH/USD trading pair fell to an intraday low of $1,543.59. It also discusses the 10-day and 25-day moving averages, which are trending lower.
What is the significance of the Relative Strength Index (RSI) in this analysis?
The 14-day RSI for Bitcoin and its levels are used as indicators of market sentiment. In this specific instance, an RSI at 64.35 suggests that the asset is neither overbought nor oversold, but it is approaching a resistance level at 65.00, which would need to be breached for bullish momentum to continue.
What are the implications for Bitcoin and Ethereum ETFs?
The article suggests that Bitcoin’s price has been positively impacted by Gary Gensler’s comments on the SEC’s active review of Bitcoin ETF applications. While the article does not delve into Ethereum ETFs specifically, the analysis could be of interest to those considering the broader implications of cryptocurrency ETFs.
How can I subscribe to receive weekly price analysis reports?
The article offers a subscription option for readers interested in receiving a summarization of the week’s most impactful cryptocurrency news. You can subscribe by providing your email at the end of the article.
More about Technical Analysis of Bitcoin and Ethereum
- U.S. Securities and Exchange Commission
- Gary Gensler’s Recent Statements
- Technical Indicators Explained: Relative Strength Index (RSI)
- Bitcoin Exchange-Traded Funds (ETFs)
- Ethereum Technical Analysis: Support and Resistance Levels
- Cryptocurrency Market News
- Understanding Moving Averages in Cryptocurrency Trading
- Weekly Cryptocurrency Price Analysis Subscription