Following the Federal Reserve’s confirmation of a stable interest rate policy, the crypto market extended its bullish outlook during Thursday’s market session. The leading cryptocurrency, Bitcoin, jumped 1.2%, while the Ethereum price recorded a 4.5% rise. The increase in buying pressure can be attributed to the SEC’s approval of Bitwise Bitcoin and Ethereum ETF, further accelerating crypto adoption and institutional interest.
Key Highlights:
- On January 30, the SEC officially approved the Bitwise Bitcoin & Ethereum ETF for listing and trading on NYSE Arca.
- A Flag pattern formation drives the current consolidation trend in Bitcoin price
- The Ethereum price stands 1% short of a bullish breakout of a falling wedge pattern.
Bitwise Bitcoin-Ethereum ETF Gains SEC Approval
On January 30th, Thursday, the U.S. Securities and Exchange Commission (SEC) officially approved the Bitwise Bitcoin and Ethereum exchange-traded fund (ETF) for listing and trading on NYSE Arca. The decision provides inventors with regulated access to spot BTC and ETH in a single financial product, weighted by market capitalization.
The NYSE Arca filled out a 19b-4 form with the SEC in November, which has now received approval, following a similar decision for other crypto ETFs. The approval of Bitwide dual crypto ETFs comes amid a wave of other crypto-related products as asset management companies seek to capitalize on the pro-crypto stance of new president Donald Trump.
This ETF could further attract institutional investment in Bitcoin and Ethereum, accelerating the demand pressure in their respective native cryptocurrencies.
Bitcoin Daily Chart Analysis
Over the past two months, Bitcoin price projected a sideways action confined with two horizontal levels of $108,000 and $91,177. Following the 2024’s year-end rally, the current consolidation should allow buyers to recuperate the exhausted bullish momentum.
With the current trading price of $104,865, the Bitcoin price is less than 3% short from a bullish breakout of the upper boundary. A successful flip of overhead resistance into potential support will bolster buyers to drive a rally past the $120,000 mark.
Ethereum Daily Chart Analysis
The Ethereum daily chart analysis shows the formation of a falling wedge pattern driving the current correction trend. From the top of $4,100, the coin price plunged 21% to currently trade at $3,215.
If this reversal pattern holds true, the ETH price could breach the overhead trendline to signal the end of the current retracement phase. The post-breakout rally could chase potential target of $4,000, followed by $4,400.
Also Read: Kraken Reintroduces Staking in US as SEC’s Stance Changes
Source: https://www.cryptonewsz.com/sec-approves-bitwise-bitcoin-ethereum-etf-nyse-arca/