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Bitcoin and Ether: Market Movements Before Weekly Close

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by Giorgi Kostiuk

7 hours ago

In the cryptocurrency market, Bitcoin continues to hover around $114,000 while Ether, reaching new highs, captures investor attention.

Bitcoin Approaches Key Level

Bitcoin (BTC) stays around the $114,000 mark amid decreasing volatility after a surge to nearly $117,500 on Friday. This increase was driven by news of potential interest rate cuts hinted by Federal Reserve Chair Jerome Powell at the Jackson Hole economic symposium.

Ether in the Spotlight

Ether (ETH) continues to dominate the market, achieving new all-time highs. Popular trader BitBull noted that if Ether closes above $4,600, it will confirm its bullish trend. "This will be a major confirmation that it's not a bull trap," he said.

Market Analysis and Predictions

Amid Ether's new highs, major investors have begun actively swapping Bitcoin for Ether. The analytics account Lookonchain recorded transactions where large holders converted Bitcoin to purchase Ether. Trader Daan Crypto noted that Bitcoin may open with a new gap, making it relevant at the start of next week. The target level for Bitcoin remains at $114,000.

The cryptocurrency market remains dynamic, with Bitcoin hovering around $114,000 and Ether showing strong growth. Investors will closely monitor further developments.

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