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Bitcoin
and other cryptocurrencies rose Monday, with digital assets moving to the higher end of a range established on the back of a two-week rally. Analysts were watching key technical indicators that could keep the momentum going.
The price of Bitcoin has advanced 1% over the past 24 hours to $34,600, getting closer to last week’s peak above $35,000, which marked the highest point for the largest crypto since tokens plunged into a brutal bear market in May 2022. Bitcoin has rallied some 30% in just over two weeks, largely driven by optimism that regulators will soon approve the first spot Bitcoin exchange-traded fund (ETF). That optimism has ushered in a fresh wave of investor interest in digital assets.
“The crypto market continues to settle at the levels it broke through at the beginning of last week,” said Alex Kuptsikevich, an analyst at broker FxPro.
While crypto bulls will continue their focus on the prospect of the Securities and Exchange Commission (SEC) approving a spot Bitcoin ETF, a busy week for markets could impact digital assets.
The
Dow Jones Industrial Average
and
S&P 500
are poised to move on the back of a Federal Reserve interest-rate decision on Wednesday as well as a bevy of economic data, including the U.S. jobs report due Friday. Investors continue to adjust expectations over the future of rates which have a bearing on cryptos too. If the Fed or data shift the needle significantly for stocks, Bitcoin could react in turn.
For now, technical indicators are flashing green for Bitcoin after its big rally—and that could attract even more traders into the digital asset pile-on. In the spotlight is the so-called golden cross, which marks when Bitcoin’s 50-day moving average overtakes the 200-day moving average, signaling a rally with momentum. Bitcoin’s 50-day moving average topped $28,310 on Monday and crossied the 200-day at $28,233, according to Dow Jones Market Data.
“A ‘golden cross’ has formed … which could further boost bullish confidence by creating a short-term flow of buyers following these popular signals,” said Kuptsikevich.
Beyond Bitcoin,
Ether
—the second-largest crypto—gained 2% to $1,820. Smaller tokens or altcoins also were higher, with
Cardano
climbing 2% and
Polygon
popping 3%. Memecoins were more muted, with
Dogecoin
and
Shiba Inu
trading around flat.
Write to Jack Denton at [email protected]
Read the full article here
