Bitcoin (BTC/USD) Continues to Post Fresh Multi-Month Highs, Ethereum (ETH/USD) Eyes $3k

Bitcoin (BTC) and Ethereum (ETH/USD) Prices, Charts, and Analysis:

• Nine green candles in the last ten days.

• Bitcoin halving event the next driver of price action.

The post-ETF approval/pre-halving Bitcoin rally is in full flow with the largest cryptocurrency by market cap up by over 20% in the first half of February. Heavy demand for the 11 new spot Bitcoin ETFs is pushing the price ever higher with BTC/USD now back at levels last seen at the end of November 2021. Bitcoin futures open interest is also through the roof and currently stands over $23 billion, according to data

With demand from the post-ETF approval now in full flow, the next major event facing Bitcoin traders is the latest ‘halving’ event due in mid-April. The past three halvings have seen Bitcoin move sharply higher in the months after the event, and if history repeats itself then the November 8th 2021 ATH at a fraction under $69k will come under heavy pressure.

The daily chart shows the spot Bitcoin price trading on either side of $52k. A confirmed break above this level will allow BTC/USD to press higher with little in the way of technical resistance until $59k-$60k comes into view. A short period of consolidation may be needed but unless there is a fundamental change in market sentiment, the path of least resistance over the coming weeks remains higher.

Bitcoin Daily Price Chart

Ethereum is also rallying hard as traders and investors look to potential spot Ethereum ETFs in the coming months. A handful of Ethereum ETF applications are already in the SECs in-tray and talk is growing that a decision, one way or another, may be made towards the end of H1. As always, care should be taken until a definitive decision is made. On its current trajectory, $3k is within reach with a couple of levels of resistance off weekly highs before $3,582 comes into view.