Market Report - 4 December 2023

Overview

The crypto market is being influenced by news of a potential Bitcoin spot ETF, with expectations of approval between January 5 and January 10, 2024. This has led to a surge in BTC prices, crossing the $41,000 mark and rising 10% in late November.

Institutional players, like BlackRock and ARK Invest, are actively working with the SEC to finalize their submissions for spot Bitcoin ETF. This anticipation has caused BTC to reach its highest point since May 2022, surpassing $38,800.

In view of the SEC's postponements, ETF analysts predict that one or more spot Bitcoin ETF products may gain approval at the beginning of 2024.

Bitcoin Price Prediction

In the latest market development, Bitcoin (BTC) has successfully breached the long-standing resistance at $38,000, signaling a robust bullish momentum. As the cryptocurrency continues its upward trajectory, the next significant milestone is set at surpassing the $40,000 resistance, with the subsequent target identified at the $45,000 level.

This breakthrough marks a pivotal moment in BTC's recent performance, suggesting potential positive trends in the near term. Traders and investors are closely monitoring these key levels as Bitcoin navigates its price dynamics in the ongoing market environment.

Ethereum Price Prediction

In the current market scenario, Ethereum (ETH) is making a significant attempt to overcome the resistance at the $2,200 level. The prevailing sentiment is notably bullish, indicating positive market expectations. Observers anticipate a potential robust bullish reaction should ETH successfully break through the $2,200 resistance.

This development could mark a pivotal moment in Ethereum's price dynamics, potentially leading to further positive momentum. Traders and stakeholders are closely monitoring these movements, recognizing the impact that surpassing the $2,200 level may have on ETH's overall market performance.

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Disclaimer

This material is for general information and is not investment advice, a recommendation, or solicitation to buy and sell any cryptocurrencies, digital assets, securities or derivative instruments, or to make any investments. Mobee is under no obligation to update this report based on information and events that occurred after this report was created and published. Any suggestions or recommendations in this report may not be appropriate for certain users.