Bitcoin (BTC/USD) Hits $57K, Ethereum (ETH/USD) Touches $3,275 As Buyers Dominate The Market

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2/27/2024 5:15:37 AM

(MENAFN- DailyFX) USD) Hits $57k, Ethereum (ETH/USD) Touches $3,275 as Buyers Dominate the market Skip to Conten

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Feb 27, 2024 Bitcoin (BTC/USD) Hits $57k, Ethereum (ETH/USD) Touches $3,275 as Buyers Dominate the Market Feb 26, 2024 Gold Price Forecast: Confluence Resistance Stifles Bulls, Focus Shifts to US PCE Feb 26, 2024 US Dollar Eyes US PCE for Cues on Fed Path; EUR/USD, USD/CAD, USD/JPY Setups
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Feb 27, 2024 NZD/USD IG Client Sentiment: Our data shows traders are now net-long NZD/USD for the first time since Feb 19, 2024 09:00 GMT when NZD/USD traded near 0.61. Feb 26, 2024 Gold Price Forecast: Confluence Resistance Stifles Bulls, Focus Shifts to US PCE Feb 26, 2024 US Dollar Eyes US PCE for Cues on Fed Path; EUR/USD, USD/CAD, USD/JPY Setups Feb 26, 2024 British Pound Edges Up Again, US Data Will Run This Week's Trade
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Feb 27, 2024 Bitcoin (BTC/USD) Hits $57k, Ethereum (ETH/USD) Touches $3,275 as Buyers Dominate the Market Feb 26, 2024 Ethereum Spot ETF – The Next Cab Off the Rank? Feb 15, 2024 Bitcoin (BTC/USD) Continues to Post Fresh Multi-Month Highs, Ethereum (ETH/USD) Eyes $3k Feb 14, 2024 The Next Bitcoin Halving Event – What Does it Mean?
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Host: Duration: min 10:11:48 widgets/economicCalendar._abbr () Actual Forecast Previous Revised EUR/USD Bullish
1h Last updated: Feb 27, 2024
Long Short
Note: Low and High figures are for the trading day.
Data provided by News US Dollar Eyes US PCE for Cues on Fed Path; EUR/USD, USD/CAD, USD/JPY Setups 2024-02-26 17:30:00 Markets Week Ahead: USD, Euro and Gold Eye Inflation Data, Sterling Supported 2024-02-25 18:00:40 Oil - US Crude Mixed

1h Last updated: Feb 27, 2024

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Note: Low and High figures are for the trading day.
Data provided by News Oil Price Outlook: Brent Crude, WTI Ease after Decent Recovery 2024-02-20 16:45:20 Oil Price Update: IEA Lowers Demand Growth Estimate, Oil Recovery Slows 2024-02-15 19:30:00 Wall Street Bearish

1h Last updated: Feb 27, 2024

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Note: Low and High figures are for the trading day.
Data provided by News CAC 40, DAX 40 and Dow Trade at Record Highs but may Short-term Consolidate 2024-02-23 13:00:08 FTSE 100 Recovers, while Dax and Dow make Further Gains 2024-02-16 12:00:00 Gold Bullish

1h Last updated: Feb 27, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News Gold Price Forecast: Confluence Resistance Stifles Bulls, Focus Shifts to US PCE 2024-02-26 23:50:00 Markets Week Ahead: USD, Euro and Gold Eye Inflation Data, Sterling Supported 2024-02-25 18:00:40 GBP/USD Bullish

1h Last updated: Feb 27, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News British Pound Edges Up Again, US Data Will Run This Week's Trade 2024-02-26 12:30:08 Markets Week Ahead: USD, Euro and Gold Eye Inflation Data, Sterling Supported 2024-02-25 18:00:40 USD/JPY Bullish

1h Last updated: Feb 27, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News US Dollar Eyes US PCE for Cues on Fed Path; EUR/USD, USD/CAD, USD/JPY Setups 2024-02-26 17:30:00 US Dollar Forecast: US PCE to Guide Markets; EUR/USD, GBP/USD, USD/JPY Setups 2024-02-25 06:00:00 More View More

A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to prof...
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Bitcoin Weekly Price Chart
Ethereum Weekly Price Chart
Coinbase (COIN) Daily Chart
Robinhood (HOOD) Daily Chart
MicroStrategy (MSTR) Daily Chart

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

Bitcoin back at highs last seen in November 2021.
Coinbase, Robinhood, MicroStrategy surge on renewed cryptocurrency interest.
Recommended by Nick Cawley Get Your Free Introduction To Cryptocurrency Trading Get My Guide
Bitcoin continues its strong run higher as ongoing ETF buying and the upcoming halving event in mid-April fuel heavy buying. On January 10th, eleven spot Bitcoin ETFs were approved by the SEC, opening the door to a wide range of customers. Since mid-January one Bitcoin ETF, run by BlackRock, has already seen over $6.6 billion of inflows, helping to send the price of Bitcoin spiraling higher. On January 10th, Bitcoin opened at $46k compared to a current spot price of around $56. With demand high, traders are looking at the upcoming Bitcoin halving, expected in mid-April, as the next driver of price action as block rewards are cut from 6.25 to 3.125, reducing supply.
The Next Bitcoin Halving Event – What Does it Mean?
The weekly chart shows BTC breaking above a recent period of consolidation around $52k and pushing higher. There is minor resistance from a couple of October 2021 prior highs around the $59 level before the $65k area comes into focus. As always with any cryptocurrency, care should be taken as sharp swings and volatile market conditions are to be expected.
Bitcoin Weekly Price Chart
Ethereum is moving higher aided by the strong Bitcoin tailwind and growing market belief that spot Ethereum ETFs may be approved at the end of May. While the May 23rd approval deadline for the VanEck ETF is seen as the key date to watch, there is still the possibility that the SEC will not approve this application, a decision that could send Ethereum sharply lower.
Ethereum Spot ETF – The Next Cab Off the Rank?
The next level of interest for Ethereum bulls is the late-March 2022 high at $3,582, a level just 10% away from the current spot price.
Ethereum Weekly Price Chart
Crypto-related stocks put in a very strong performance yesterday with some seeing double-digit gains.
Crypto-currency exchange, Coinbase (COIN) broke above a multi-month high and ended the session 16.9% higher at a fraction under $194.
Coinbase (COIN) Daily Chart Recommended by Nick Cawley Get Your Free Top Trading Opportunities Forecast Get My Guide
Robinhood (HOOD), a regulated broker-dealer, jumped nearly 8% to a multi-month high of $15.50.
Robinhood (HOOD) Daily Chart
Microstrategy (MSTR) a software and cloud-computing company, now holds 193,000 bitcoin on its books after purchasing an additional 3,000 BTC recently for $155 million. Overall, MSTRs holds 193k BTC at an average price of $31,544, compared a spot BTC price just under $56. Microstrategy rallied by nearly 16% on Monday.
MicroStrategy (MSTR) Daily Chart
All charts via TradingView
What is your view on the cryptocurrency space – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1 .

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