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Bitcoin and Ethereum Trade Sharply Higher - BTC/USD and ETH/USD Latest

2024-12-30DailyFXDailyFX
Bitcoin and Ethereum both rallied sharply over the weekend and continue to push higher today. The weekend rally has turned the technical outlook positive again.

The cryptocurrency market turned higher over the weekend and in early European trade, regaining some of June’s hefty losses. After touching a $72k high in early June, sellers took control of the market and pushed BTC/USD down to a multi-month of $53.5k on July 5th. During this period, the German government sold approximately 50k Bitcoin into the market, coins that had been confiscated from the illegal streaming site Movie2k. On-chain analysis shows the German government’s cryptocurrency wallet now has a zero Bitcoin balance.

The daily Bitcoin chart shows BTC/USD back above the 20-day and the 200-day simple moving averages. A reclaim of the 50-dsma at $64k and a prior swing high at just under $65k would set the tone for a higher move.

BTC/USD Daily Price Chart

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On the weekly chart, a bullish cup and handle pattern continues to be formed and suggests that Bitcoin will move higher over the coming months.

BTC/USD Weekly Price Chart

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