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Bitcoin Stocks Skyrocket, Slice Past Key Technical Barriers Like Knife Through Butter

Published 24/10/2023, 16:33
© Reuters Bitcoin Stocks Skyrocket, Slice Past Key Technical Barriers Like Knife Through Butter
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Benzinga - Bitcoin-related stocks saw a major surge on Tuesday, riding the wave of strong bullish momentum in the cryptocurrency market. This upswing was primarily driven by increasing optimism surrounding the potential approval of the first spot Bitcoin exchange-traded fund (ETF) by the SEC.

Companies like Marathon Digital Holdings Inc. (NASDAQ:MARA), Riot Platforms Inc. (NASDAQ:RIOT), CleanSpark Inc. (NASDAQ:CLSK), and Bit Digital Inc. (NASDAQ:BTBT) all witnessed impressive double-digit gains, breaking through critical technical resistance levels.

Bitcoin (CRYPTO: BTC) itself reached a high of $35,198 on Tuesday before retracing to $34,100 at the time of publication. The apex crypto is currently poised to achieve its sixth consecutive session of gains, marking its longest winning streak since January.

Notably, shares of cryptocurrency miners and exchanges have surpassed significant resistance levels represented by the 50-day and 200-day moving averages, indicating a potential shift in overall market sentiment. Trading volumes have also seen an uptick, surpassing the 50-day average.

The breakthrough of these technical barriers may signal that bullish sentiment is now driving the market’s primary trend. The last time such a significant breakout occurred was in April 2023, leading to a three-month rally that culminated in July.

Chart: Bitcoin-Linked Stocks Rise Above Key Moving Averages As Optimism For Bitcoin ETF Approval Surges

Why Are Bitcoin-Related Stocks Rising Tuesday?

On Monday, a federal appeals court formally validated the decision that requires the Securities and Exchange Commission (SEC) to review Grayscale Investments’ application for a spot Bitcoin product.

Additionally, BlackRock listed the iShares Bitcoin Trust under the ticker symbol $IBTC on the DTCC (Depository Trust & Clearing Corporation).

The prospect of SEC approval for a spot Bitcoin ETF has generated excitement in the cryptocurrency space, with investors anticipating a bullish trend for Bitcoin.

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