Bitcoin faces resistance, altcoins show strength amid market watch for ETF approval
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NEW YORK – The cryptocurrency market is abuzz with speculation as Bitcoin struggles to overcome the $38k resistance level, while a range of altcoins show signs of strength. Investors are closely monitoring the potential impact of the U.S. Securities and Exchange Commission’s (SEC) anticipated approval of a Bitcoin spot Exchange-Traded Fund (ETF), which could serve as a significant catalyst for the market.
Bitcoin has recently outperformed Ethereum in network transactions for the first time in three years, yet it remains confined within a narrow trading band between $36.8k and $35.9k. Market watchers suggest that if Bitcoin cannot sustain upward momentum, it may test the support zone around $34k.
In contrast, several altcoins are demonstrating resilience amidst the broader market uncertainty. XRP is preparing for further gains after favorable outcomes in its legal battles against the SEC, though it currently faces resistance near $0.75 and finds support at $0.6. ThorChain’s native token RUNE is capitalizing on high decentralized exchange (DEX) activity through ThorSwap, having surged more than eightfold from its yearly lows and now targeting an $8 resistance break.
Dogecoin (DOGE) remains steady above critical support levels, with price formations indicating a potential uptick. Render Token (RNDR) is riding the wave of AI-driven interest in crypto, and newcomer TIA has seen exponential growth since its introduction to the market.
The performance of these altcoins could be further bolstered if the total market capitalization for altcoins can breach the key resistance at the 50-day Exponential Moving Average (EMA), currently around a $680 billion valuation.
Investors and traders alike are poised to see how these dynamics will unfold, especially with the possibility of a new Bitcoin spot ETF on the horizon, which could attract a fresh influx of institutional investment into the crypto space.
