Bitcoin pulls back from ATH while ETH does better: Analysis

Bitcoin is pulling back from its all-time high as ETF craze wanes, but some investors expect the decline to remain limited for the rest of the year, so today let’s take a closer look at the news and bitcoin price analysis.

Bitcoin price continued to decline on Friday, ending the week around 2% compared to ETH’s 1.7% gain. Several traders have helped BTC launch futures-focused ETFs from ProShares in a way that appears to be taking profits this week. However, some investors expect an even more limited withdrawal for the remainder of the year, and one company even mentioned that alternative cryptocurrencies like ETH could see new price spikes versus Bitcoin. Cryptocurrency trading company QCP wrote that it remains bullish but is cautious about downside risk, noting that leverage is high in the BTC futures market, which has seen price drops frequently. QCP expects ETH to outperform BTC in the near future.

Valkyrie Investments’ BTC Strategy ETF went live on Nasdaq under the ticker ticker BTF, and the BTC tracking ETF share price was lower on the first day of trading, marking a 4% decline, and closing at $ 24.30. Bitcoin is pulling back from ATH, but funds locked in CME-based futures tripled this month with $ 1.5 billion launched after the strategic ETF ProShares Bitcoin launched on Tuesday. With BITO, however, there can be major tracking errors or discrepancies between the performance of Bitcoin and the actual returns.

This is because CME allows a single company to own up to 2000 contracts in the last month’s term, while positions with different durations are capped at 5000 contracts, while BITO appears to be close to the limit. Ether has fallen below $ 4000 and, similar to BTC, technical indicators suggest that ETH is the most overbought point before the sharp drop in prices since September, the ETH rally could be capped at the $ 3700 support.

The ETH / BTC ratio has been stable for the past week, suggesting traders are starting to turn their backs on BTC and ETH, with support at 0.06 and potentially encountering resistance, in the short term around 0.07 and 0.08. Despite the low level of enthusiasm for the ETF, it still ranks second in exchange trading volume on Coinbase, while it ranks second in trading volume on Coinbase. Coinbase wrote:

“The purchase rate of ETH has increased, suggesting that ETH / BTC may increase.”

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