Bitcoin (BTC) rose 1.23% on Sunday. After gaining 2.01% on Saturday, BTC ended the week up 6.92% at $39,986. Importantly, BTC rallied on Sunday before falling back to $40,283. Bitcoin last reached $40,000 on May 4, 2022.
Investor optimism over the SEC’s approval of a number of BTC spot ETFs increased buyer appetite. There were no significant updates from the SEC on the petition to change investor sentiment.
This morning, BTC rose to a 2023 high of $40,901 before retreating again.
Dogecoin (DOGE) lost 0.58% on Sunday. DOGE rose to a session high $0.0874 and then ended the day in negative territory. Despite Sunday's losses, DOGE closed the week up 8.64% at $0.0855.
DOGE reports appearing on Tesla's (TSLA) payment site CyberTruck have piqued buyers' interest. The coding suggests that Tesla is preparing to accept DOGE as payment for the Cybertruck.
On November 30th, Tesla delivered the first Cybertruck.
This morning, DOGE rose 0.82% to $0.0862 from its November 17 high of $0.0876, triggering the $0.0900 mark.
The market enthusiasm has increased buyer interest in BTC and altcoins with the prospect of launching a BTC spot ETF market. However, Coinbase (COIN) benefits from several factors.
Along with the growing demand for cryptocurrencies, Coinbase’s early dominance in the cryptocurrency ETF space is evident. Currently, Coinbase is the preferred custodian among BTC spot ETF providers.
In November, Coinbase rose 61.72% to close the month at $124.72. An impressive 7.25% rally on December 1 took Coinbase to a new high of $134.33 in 2023. Developments in the BTC spot ETF market and updates to the SEC. Ongoing Coinbase may increase COIN to $200. Coinbase last exceeded the $200 mark in March 2022.
On January 17, 2024, Judge Docket will hear oral arguments on Coinbase's Motion to Dismiss (MTD). In August, Coinbase filed an MTD arguing that the SEC had no legal authority to regulate cryptocurrency exchanges. The SEC ordered Coinbase to, among other things, pay fees for operating as an unregistered securities brokerage and clearinghouse.
If Hakim Fayla grants MTD, the impact on the cryptocurrency space could be far-reaching. A Coinbase victory with the SEC could lead to a listing and end controversy surrounding cryptocurrency trading and securities.
BTC is resting above the 50-day and 200-day EMAs, with the EMAs sending bullish price signals.
BTC’s break above the $40,800 resistance level supports the $41,585 resistance level.
Regulatory activity in the US and news surrounding BTC spot ETFs are in the spotlight for cryptocurrency investors.
A break below $40,000 would allow the bears to reach the $39,600 support level.
The 14-day RSI value of 73.14 suggests that BTC is in overbought territory. Selling pressure could intensify at the $40,800 resistance level.
ETH remains above the 50-day and 200-day EMAs, confirming important price signals.
ETH’s return to $2,250 will allow bulls to make a run towards the $2,300 resistance.
However, a break below the $2,143 support level would result in the price falling below $2,100.
ETH’s 14-period daily RSI rose to 69.48 before entering the bullish zone at $2,250.
source