The week, which started with the investigation initiated by the Department of Justice in the USA, a settlement of $ 4.3 billion against Binance, and the resignation of CEO Changpeng Zhao, was quite active. Bitcoin Its price has reached the highest level of the year, exceeding $ 38,000 as of today. The crypto market, on the other hand, was expecting a breakout following BTC’s consolidation, which was also supported by a ‘pennant formation’. The rise in price was a clear sign of this break.
The positive break in the Bitcoin price during the day triggered FOMO and paved the way for the highest level of the year. BTC seems to be preparing for a new move to break through the next resistance, currently located at $42,000.
Following the sudden rise in Bitcoin price, Ethereum (ETH) also witnessed a notable rise and retested its yearly high of around $2,125. This positive momentum in the two major cryptocurrencies has contributed to a 1.2 percent increase in the total crypto market capitalization, which currently stands at approximately $1.49 trillion. In particular, one of the standout performers over the past 24 hours has been Blur (BLUR), which has surged nearly 35 percent.
It is worth emphasizing that the BTC price pullback closely reflects the support/resistance level that formed before the Terra Luna UST capitulation in early 2022. On Friday, the announcement that Do Kwon’s extradition to the United States or South Korea had been approved injected enthusiasm in the crypto community regarding the resolution of this high-profile case.
Additionally, speculation about the imminent approval of spot Bitcoin exchange-traded funds (ETFs) in the United States, following Grayscale Investments’ recent re-filing, has further fueled the overall bullish outlook for the cryptocurrency market.
The crypto world is undoubtedly experiencing a period of increased excitement and expectation as Bitcoin and leading altcoins chart new territory. Traders and investors will be watching these developments closely to see how the market develops in the coming weeks.