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Bitcoin (BTC) and Ethereum (ETH) Set for Remarkable Weekly Gains Since March

Following BlackRock’s application for a spot bitcoin ETF, cryptocurrency prices have surged significantly. Out of the 149 assets listed in the CoinDesk Market Indices (CMI), 144 experienced notable gains throughout the week. This spike in crypto prices highlights the positive market sentiment and growing investor interest in digital currencies.

  • The Bitcoin Trend Indicator is in “Significant Uptrend” territory .
  • Next week’s macroeconomic calendar is relatively light, with the exception of Friday consumption expenditure data.

Bitcoin and Ether are showing remarkable progress, with bitcoin poised for its strongest performance since March after almost facing a losing month in 2023. Ether, on the other hand, continues its impressive streak of avoiding any monthly losses this year. The alignment of both cryptocurrencies in terms of direction and momentum underscores the positive market sentiment and highlights their upward trajectory. The CoinDesk Indices Bitcoin Trend Indicator (BTI) confirms this upward trend, signaling a significant uptrend phase for bitcoin after experiencing a notable 15% surge this week.

The crypto market is experiencing a resurgence after a prolonged winter, fueled by several bullish catalysts. Notably, bitcoin and ether’s exclusion from SEC lawsuits against major exchanges like Binance and Coinbase, coupled with the introduction of spot bitcoin ETF filings by BlackRock, Invesco, and WisdomTree, have revitalized the market. Furthermore, rising jobless claims and the impact of the U.S. central bank’s monetary policy have added to the positive sentiment. The Ether Trend Indicator (ETI) is now signaling an uptrend, indicating a shift from its previous neutral stance. Both bitcoin and ether have gained momentum, with their respective Relative Strength Index (RSI) readings surging significantly this week.

In terms of market performance, the Coindesk Market Index (CMI) sectors have seen an 11% rise this week. The currency sector has outperformed, with all 20 assets in the sector showing positive gains. Bitcoin Cash (BCH) and Onyxcoin (XCN) have led the way, experiencing notable increases of 33% and 28%, respectively. On the other hand, the DeFi sector has trailed behind but still managed a 5.8% rise, although Rocketpool (RPL) has weighed down the sector’s performance.

Looking ahead, the question remains whether the current momentum in crypto prices can be sustained. Bitcoin’s breach of the upper range of its Bollinger Bands for four consecutive days and its overbought RSI level of 75 may lead some cautious traders to consider taking profits. Monitoring BTC’s movement onto centralized exchanges will provide insights into market dynamics. It is worth noting that historically, BTC has tended to move higher even with large RSI figures. The trajectory of momentum and the upcoming Personal Consumption Expenditure (PCE) report will be key indicators to assess the sustainability of the recent buying pressure.

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