Following the initial wave of applications for spot Bitcoin exchange-traded funds (ETFs) led by BlackRock, the cryptocurrency market has rebounded from lackluster trading volumes. The sector is currently witnessing the quadrennial Bitcoin halving cycle, leading to significant market volatility.
On Friday evening, the U.S. Securities and Exchange Commission (SEC) noted that the recent applications for Bitcoin spot ETFs were unclear and incomplete. The announcement triggered a sell-off in the market. However, stronger buying power supported the market, enabling Bitcoin to remain above the 30,000-point mark.
In the BTC 4-hour chart, Bitcoin has been oscillating in the 30,000 to 31,000 range. Each dip to 30,000 points has been promptly bought, indicating strong support from buyers. Recommendation: a break above 31,000 that exceeds the previous high suggests a potential buying opportunity on dips.
The ETH 4-hour chart shows Ethereum making a small rally, with the current position above 1960 suggesting a further rise. Recommendation: consider buying on dips as ETH appears relatively strong.
The LTC daily chart shows that Litecoin successfully broke through the previous downward channel and entered a significant upward wave. This is likely driven by the sell-off that took place on Friday night.
As the halving approaches, Litecoin may continue to advance in the final wave. Recommendation: Litecoin is currently at a relatively high level, suggesting a short-term trading strategy of quick entry and exit. As the price rises, it is advisable to exit the position faster.
The Pepe daily chart shows the coin has doubled from its base. This rebound can be attributed to the overall market recovery and support from the community. Recommendation: This coin is currently only suitable for short-term trading.
The cryptocurrency market is highly volatile and investors should carefully consider their risk tolerance and investment strategy. As the dynamics of the cryptocurrency market keep evolving, it’s essential to stay updated with the latest trends and market movements.
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