After a bullish movement, Bitcoin and Ethereum are showing diverging trends amidst broader market volatility. In a recent report by QCP Broadcast, analysts shed light on the current state of these leading digital assets and their potential next moves.
Bitcoin’s Struggle and Ethereum’s Resurgence
According to QCP Broadcast, Bitcoin has hit a major roadblock. “BTC has failed to break above 70k for the 6th time. We maintain our view that BTC will continue to trade within a range,” the report states. This persistent resistance at the $70,000 level suggests a consolidation phase for BTC.
In contrast, Ethereum appears to be gaining momentum. QCP Broadcast notes, “We finally saw net inflows of USD 33.7 million in ETH spot ETFs. This gave a much needed boost to ETH prices which have been lagging behind BTC for the past month.”
This influx of institutional interest through ETFs could be a game-changer for Ethereum’s price action.
The analysts at QCP Broadcast are particularly bullish on Ethereum’s prospects. ETH longs are preferred as ETHE outflows subside over the next 2 weeks and ETH catches up to BTC. They shared a target of $4000, which is the 2024 high.
The report also highlights a potential source of market uncertainty. QCP stated in its report that the recent movement of 30k worth of Silk Road BTC by the US government has introduced uncertainty into the cryptocurrency market.
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