Bitcoin (BTC/USD) and Ethereum (ETH/USD) Prices Surge to Multi-Month Highs

Bitcoin (BTC/USD) and Ethereum (ETH/USD) Prices Surge to Multi-Month Highs

The crypto market continues its bullish momentum, with Bitcoin (BTC/USD) and Ethereum (ETH/USD) both posting impressive gains. Bitcoin has recorded nine green candles in the last ten days, signaling a strong uptrend. The recent surge in Bitcoin's price can be attributed to the post-ETF approval rally, coupled with anticipation for the upcoming halving event in mid-April.

The approval of 11 new spot Bitcoin ETFs has fueled demand for Bitcoin, pushing its price up by over 20% in the first half of February. Bitcoin's futures open interest has also skyrocketed to over $23 billion, indicating significant market participation and investor interest.

Looking ahead, the next major event for Bitcoin traders is the upcoming halving event. Historically, previous halvings have led to sharp increases in Bitcoin's price in the months following the event. If history repeats itself, Bitcoin could potentially target the all-time high reached on November 8th, 2021, at nearly $69k.

On the daily chart, Bitcoin is currently trading around the $52k level. A confirmed break above this resistance level could pave the way for further upside towards the $59k-$60k range. Despite the possibility of a short consolidation period, the overall sentiment remains bullish, with the path of least resistance pointing higher.

BITCOIN DAILY PRICE CHART

Meanwhile, Ethereum is also experiencing a strong rally, fueled by anticipation for potential spot Ethereum ETFs. Several Ethereum ETF applications are pending with the SEC, and a decision may be forthcoming by the end of the first half of the year. Ethereum's price is approaching the $3k mark, with key resistance levels to watch before targeting $3,582.

ETHEREUM WEEKLY PRICE CHART

Both Bitcoin and Ethereum are currently in bullish trajectories, with investors closely monitoring upcoming events and developments in the cryptocurrency market.