Bitcoin (CRYPTO: BTC) was surging almost 6% higher during Friday’s 24-hour trading session, in tandem with the S&P 500, which reached another new all-time high and was bidding to close above 5,000.
The apex crypto and Ethereum (CRYPTO: ETH) have spiked about 14% and 11%, respectively, since Feb. 5 and heading into the weekend, both cryptos were battling key technical resistance levels.
Dogecoin (CRYPTO: DOGE) has shown weakness in comparison, stalling just above the 8-cent mark –an area that’s been holding the crypto down since Jan. 23.
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Bitcoin’s bullish price action over the last few days has caused the Grayscale Bitcoin Trust ETF (ARCA: GBTC), the first spot Bitcoin ETF to be approved last month, to rise about 14% over the last four trading days.
On Friday, GBTC was working its way up toward the Jan. 11 all-time high of $43.50, and if Bitcoin continues to trade higher over the weekend, the spot Bitcoin ETF could gap open to start Monday’s trading session, causing a Three Gaps Up pattern to form.
GBTC is highly liquid, offering traders and investors a high level of flexibility to manage their trades, with an average 30-day trading volume of about 16,000 shares.
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The Bitcoin and Ethereum Charts: Bitcoin and Ethereum broke up from bull flag patterns on Feb. 7 and Feb. 6, respectively, and have since confirmed their uptrend patterns remain intact. Bitcoin’s most recent higher low was formed at $42,228 on Sunday and Ethereum’s most recent higher low was printed at the $2,266 mark on Monday.
Since those dates, neither Bitcoin nor Ethereum has printed their next higher highs within the pattern but if the cryptos close Friday’s session with significant upper wicks, Bitcoin and Ethereum will print shooting star candlesticks, which could indicate the local top has occurred and a retracement is on the horizon.
Bullish traders want to see Bitcoin and Ethereum pause their current rallies temporarily, which will help the cryptos from entering into overbought territory on the daily chart. Bearish traders…
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