Bitcoin rallies 8% above $30,000 💥

Bitcoin Surges Above $30,000 on ETF Optimism and Institutional Involvement 🔎

Bitcoin has surged above $30,000 for the first time since April, driven by optimism surrounding the introduction of Bitcoin exchange-traded funds (ETFs) and the involvement of major players from the traditional financial sector. The market sentiment was boosted by the launch of EDX Markets, a digital-asset exchange backed by Citadel Securities, Fidelity Digital Assets, and Charles Schwab Corp. Additionally, BlackRock and WisdomTree have applied for spot US Bitcoin ETFs, signaling institutional demand and potential market depth. This rally comes despite regulatory challenges, including the US Securities and Exchange Commission's crackdown on cryptocurrencies.

Looking technically at the D1 chart, Bitcoin has achieved a 1:1 target level. If the current momentum continues, the next targets for buyers will be the external Fibonacci retracement levels based on the last corrective move - 127.2% and 161.8%. Bitcoin, D1 interval, source xStation 5

Ethereum remains slightly behind Bitcoin, but the price has managed to surpass the 1:1 target level and break out above the descending channel, opening the way for further upward movement. After breaking the $1900 level, a move towards $1985 or even $2125 is not ruled out, D1 interval, source xStation 5.