Bitcoin, which rose to $38,000 with its rise, fell to $35,600 with a sudden drop yesterday.
BTC, which recovered afterwards, continues to trade at $ 37,000 at the time of writing.
At this point, QCP Capital shared on telegram that BTC had a very good week.
Analysts who also examined Ethereum said that ETH performed better than Bitcoin.
“What a week it has been! Since our last post, BTC remains above the 36,000 level while Ethereum rose from $1900 to $2100 overnight.
ETH's outperformance relative to BTC overnight can be attributed to Blackrock applying for a spot ETH ETF in the near future. We were already expecting a similar strategy for ETH as when Blackrock first applied for a spot BTC ETF.
“There has been activity in multiple areas as participants continue to bet on BTC ETF approval, while FOMO also begins to kick in.”
The Rise Was Also Supported by Macro Data!
Stating that institutions are excited about the spot ETF, analysts said that BTC futures open positions in CME have surpassed Binance.
At this point, analysts said, “Although the spot BTC ETF approval is expected to be postponed until January 2024, the new narrative revealed by the spot ETH ETF will be enough to re-stabilize the market.”
In addition to the sentiment created by the spot Ethereum ETF, analysts noted that macro developments also support risky assets such as cryptocurrencies.
“While employment data in the US has long pointed to a strong US economy, the macro picture has become slightly more positive in the short term, as interest rate pause expectations remain firmly in place.
However, we expect the rise in cryptocurrency prices, especially Bitcoin, to continue to be supported by macro data.
Dips will be quickly bought as FOMO tries to get investors on board.”
Analysts reminded that although the expectations and macro picture were good, Bitcoin was at critical resistance levels and advised investors to be more careful for a while.
*This is not investment advice.