Bitcoin Soars Past $40K, Hitting a 20-Month High, While Ethereum Climbs to $2200: Analyzing the Next Resistance Levels
Bitcoin Breaks Through the $40K Barrier
In a remarkable surge, Bitcoin successfully breached the $38,000 mark last Friday and has been oscillating higher since. Around 22:30 last morning, Bitcoin made an impressive leap, surpassing the $40,000 milestone, peaking at $40,250. This surge marks a new high for 2023. At the time of writing, Bitcoin stands at $40,613, witnessing a 2.55% rise in the past 24 hours.
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Ethereum Hits Yearly High
Ethereum (ETH), closely following Bitcoin’s trajectory, touched a peak of $2,217, setting a new record for the year. Though there was a slight pullback, Ethereum is currently priced at $2,214, showing a 1.47% increase over the past 24 hours.
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Bitcoin’s Next Major Hurdle: The $41,800 Mark
Considering the trading pattern since the beginning of 2022, the next significant resistance level for Bitcoin appears to be around $41,800. This level may pose a considerable challenge for Bitcoin to sustain its upward momentum. Furthermore, Bloomberg ETF analyst anticipates a 90% chance of a Bitcoin spot ETF approval by the SEC in January, potentially leading to greater market volatility. Investors are advised to maintain risk control measures.
Further reading：Galaxy Digital’s Bullish Outlook: $10 Billion Primed for Bitcoin Spot ETF, BTC Set for New Highs in 2024
Mixed Signals from the Federal Reserve
The Federal Reserve’s decision to pause interest rate hikes in September and November, along with cooling inflation indicators, had led to expectations of an end to the aggressive rate hikes initiated in March 2022. However, Federal Reserve Chairman Jerome Powell’s recent statements have tempered expectations for significant rate cuts next year, cautioning that it is too early to declare victory against inflation.
Further reading：The Battle for Bitcoin Spot ETF Heats Up: Pando Asset Joins, BlackRock and SEC Rendezvous Again
Economic Impact of Fed’s Policy
Jerome Powell acknowledged the gradual impact of the Fed’s 5.25% rate hike, indicating a balanced approach to monetary tightening. This sentiment was echoed by financial experts who interpreted Powell’s comments as leaning towards a dovish stance, suggesting the end of the rate hike cycle.
Top 10 Cryptocurrencies: A Mixed Bag
In the last 24 hours, the performance of other top 10 cryptocurrencies has been relatively subdued compared to Bitcoin and Ethereum, with XRP and TRON showing marginal gains. BNB, Solana (SOL), and DOGE, among others, experienced slight declines.
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Liquidation Data: Over $107 Million in the Past 24 Hours
Data from Coinglass indicates that over the past 24 hours, more than 51,823 traders have been liquidated, with total liquidations exceeding $107 million. Bitcoin led the liquidation amount with $29.28 million, followed by Ethereum at $13.65 million.
Keywords: Bitcoin, Ethereum, Crypto Market, Federal Reserve, Interest Rate Hike, Cryptocurrency Investment, Spot ETF, Market Volatility, Jerome Powell, Liquidation, Financial Analysis, Digital Asset
