- Bitcoin continues to stir bullish action across the cryptocurrency market with the jump above $8,000.
- Ethereum targets the resistance at $150 as Ripple bulls resolve to defend the support at $0.21.
The United States-Iran war has had everyone around the globe on edge. Some people worry that this could trigger world war three. On the other hand, the stock market in the US remains volatile amid fears that Iran could retaliate, causing mayhem.
The cryptocurrency market seems to be taking advantage of the situation between the US and Iran to forge ahead. Bitcoin mainly is presenting itself as a safe haven for investors, especially because it is decentralized and can function without censorship from any government. The rest of the cryptocurrency market is reacting in tandem with Bitcoin and there is a possibility that the bullish momentum will continue.
Bitcoin market update
Bitcoin has re-entered the $8,000 territory after a short consolidation between $7,800 and $8,000. The largest cryptocurrency had been in an upward trajectory since Friday last week. The bullish momentum on Monday gave the buyers confidence that $8,000 and beyond is possible. At present, BTC is trading 2.58% higher from $8,159 at the opening on Wednesday to $8,363. An intraday high formed at $8,464, leaving $8,500 untested, but the bullish trend hints a higher breakout in the near term.
Ethereum market update
Ethereum managed to defend the $142 support discussed on Tuesday. The bullish action targeted $150 but formed a high at $147.96. Ether is teetering at $145 after correcting a higher 1.63% on the day. The bulls must reclaim the position above $150 to ensure the focus remains on $200.
Ripple market update
Ripple, on the other hand, is trading $0.2146 following a subtle 0.45% growth on the day. The impressive gains on Monday failed to break the resistance at $0.23. However, the reversal that ensued encountered tremendous support above $0.21.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
XRP price stuck under $0.65 despite Bitcoin hitting $38,000 three times in one week
Ripple (XRP) and Bitcoin (BTC) prices do not show parity. Despite both featuring among the crypto top three, Ripple price is stuck under $0.6500 while Bitcoin has managed to foray north, testing the $38,000 psychological level for the third time in a week.
FTX token FTT jumps 8% as exchange wins approval to start selling $744 Million in Grayscale and Bitwise assets
FTX token (FTT) has jumped 8% following news that a US bankruptcy court of Delaware has allowed the now-defunct cryptocurrency exchange to move forward with a November 6 request.
Optimism price slips under critical support as $40 million worth of OP due to flood market Thursday
Optimism (OP) price has dropped 5% in the last day, but trading volume is up a stark 15% over the last 24 hours as of press time. The disparity comes amid expectations of more tokens in the OP market relative to what traders are willing to buy at current prices.
Pando becomes thirteenth BTC ETF applicant as BlackRock presents revised in-kind model
/definition-of-etf-21007500_XtraSmall.jpg)
Amid the ongoing spot Bitcoin ETFs race, a new player has joined the marathon. Pando Asset AG has become the thirteenth applicant even as the US Securities & Exchange Commission (SEC) continues to engage with prospective issuers.
Three key BTC accumulation levels before ETF approval in January 2024
Bitcoin, from a high time-frame perspective, has been in an up-only trend since the start of 2023. BTC has ignored many sell signals due to the likelihood of an Exchange-Traded Fund approval. With the holidays around the corner, falling liquidity could see BTC discounted from its current level, hovering around the $37,000 region.