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Bitcoin and Ether reach new heights. Where is the stopping point?

6 December 2023 Written by Alex Kuptsikevich  FxPro Senior Market Analyst Alex Kuptsikevich

The crypto market made another leap forward on Tuesday afternoon after spending less than 24 hours in consolidation mode. In the last day, the total crypto cap reached $1.6 trillion, up 3.9% in a day, 11% in a week and 20% in 30 days. The acceleration in recent days is evident, which may reflect both speculators hastily closing short positions and increasing FOMO.

Bitcoin is adding over 5% in 24 hours, trading near $43.7K at the time of writing and touching $44.5K at the start of the day. Previously, we have repeatedly noted "thin air territory" in the $40-46K range. The market did not linger here in previous times, and we should look for hints of turning points not earlier than the $46-47K area, where there was a reversal in March last year and temporary support in 2021.

Ethereum tested $2300 but has so far quickly retreated to $2260. In the dynamics of ETH since the middle of last year, a broad upward channel can be identified, the upper boundary of which now passes through $2430. It is worth being prepared for the bulls to pull the price closer to these levels before deciding to take profits.

Bitcoin is adding over 5% in 24 hours, trading near $43.7K

News background

According to unconfirmed rumours, Qatar's sovereign wealth fund is preparing to enter the crypto market with huge investments and invest up to $500 billion in VTS, said Max Kaiser, advisor to the president of El Salvador. In his opinion, VTS may soon overcome the $150K mark and go further. Bloomberg Intelligence strategist Mike McGlone believes Bitcoin is now showing much more strength than gold, which hit record highs earlier in the week but then collapsed 5%.

Ethereum tested $2300 but has so far quickly retreated to $2260

Brazil's largest bank, Itau Unibanco, has launched a Bitcoin and Ethereum trading service for clients of its investment platform, confirming its willingness to become a full participant in the country's growing cryptocurrency market. Tether's unrealised profits from Bitcoin investments reached $1.1 billion. According to EmberCN, Tether holds 57,576 BTC with a purchase price of $22,480 per coin. Cryptocurrencies have spent a record $19 million on lobbying in the US this year. The leader in spending on defending its interests was cryptocurrency exchange Coinbase, which this year allocated $2.16 million for lobbying.

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