Bitcoin Surges Above $71K Amid Ether ETF Speculation

By: Isha Das

Bitcoin has surged past the $71,000 mark, driven by rising optimism around an Ether ETF approval, which led to $260 million in short liquidations. This latest rally highlights the increasing volatility and bullish sentiment within the crypto market. For detailed analysis on Bitcoin's price, you can visit Kraken.

Bitcoin's rally began after Ethereum prices soared above $3,200, setting the stage for a potential run-up to $4,000. Traders have increased the odds of an Ether ETF approval to 75%, further fueling the momentum. Amidst these developments, Bitcoin is showing strong technical indicators and is currently trading well above its 100 hourly simple moving average.

The current support for Bitcoin stands at $70,500, with major resistance levels at $71,850, $72,000, and $72,500. If the bulls maintain control, BTC could potentially push towards the $74,400 resistance zone. However, any downside correction might see Bitcoin finding support around $70,000 or even $68,850.