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29.03.2023 09:13 AM
BTC and ETH heading to new highs

Bitcoin remains firm near the lower limit of the sideways channel at $26,700, following the news about Binance's troubles in the United States. As a reminder, the US Commodity Futures Trading Commission (CFTC) has sued the crypto exchange and its boss Changpeng Zhao. The regulator alleges that the company offered unregistered crypto derivatives to US traders.

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Traders bet on a bullish crypto market amid global banking crisis risks. Ether is also on its way to a new monthly high.

Notably, large investment funds keep adding new crypto assets to their portfolios. Cathie Wood's fund has recently bought Coinbase shares worth $12.6 million and Block shares worth $18.1 million immediately after Coinbase received a notice from the US Securities and Exchange Commission (SEC) on March 22. It caused a 16% drop in COIN's value on the following day.

ARK Innovation EFT bought 155,833 shares, other 26,395 went to ARK Next Generation Internet ETF. ARK also purchased Block (SQ) shares worth $18,1 million after a 17% decrease in value on March 23, triggered by Hindenburg Research's disappointing earnings report.

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Technically, BTC is bullish again. The bulls managed to keep it above the lower limit of the sideway channel. If the price broke through the barrier, traders would incur losses. If the price breaks through the $27,800, the bull run may extend to the $28,800 and $29,300 targets. The most distant target is seen near $30,500, where traders may lock in profits. In such a case, a pullback may follow. Should BTC face pressure, the price would head toward $25,800 after a breakout through $26,700. A breakout through $25,800 would lead to a fall in the flagship cryptocurrency to $25,000.

The bull run on ETC will extend if the buyers manage to retain control over the nearest support level of $1,769 and break through the nearest resistance at $1,844, with targets at $1,890 and $1890. In case of a breakout through the mark, ETH may head toward $2,030 and then approach a new high of $2,140. Should the instrument come under pressure, it would drop to $1,760, targeting $1,690 and the $1,640 low.

Jakub Novak,
Analytical expert of InstaForex
© 2007-2023
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