Crypto Jebb’s recent analysis sheds light on the explosive movements in the cryptocurrency market. With Bitcoin breaking significant resistance levels and Ethereum following suit, the CoinSpeech team has compiled the standout moments from his latest update. You can find Crypto Jebb’s new video below.
Bitcoin Breaks $70,000 Resistance
According to Jebb, Bitcoin is experiencing a major breakout, currently trading just shy of $71,000. He remarked, “Bitcoin is Moon shotting,” noting that it has surged by 25% in the last 24 hours and 5% in the past week alone. This marks a crucial moment for Bitcoin as it breaks above both the critical downtrending resistance and the psychological level of $70,000.
The Broader Market Rally
It’s not just Bitcoin that’s soaring. Other cryptocurrencies in the top 10, along with numerous smaller coins, have seen considerable gains. Binance has surged by 10% in the last 7 days and 65% within 24 hours, while NCoin has an astounding 170% rise over the past week. “Major rallies are happening not just to Bitcoin but also to a plethora of other cryptocurrencies,” Jebb emphasized.
Coinbase’s Pro-Crypto Initiative
Coinbase has bolstered the fair Shake super pack fund by $25 million, aiming to support regulatory clarity for cryptocurrencies. This follows Ripple’s $25 million donation to the same super pack, which has already amassed over $160 million in contributions. This fund is vital in pushing for regulatory support through bills like Sab 121 and fit21. “This super pack is pushing for regulatory Clarity for cryptocurrency,” Jebb highlighted.
Ethereum on the Verge of a Breakout
Ethereum also exhibits bullish behavior, climbing $54 in just 4 hours. Jebb explained, “Ethereum could be working towards breaking out of its trading range,” with crucial levels to watch being around $3,840. This upward momentum could push Ethereum’s price to $5,000 and beyond, especially if the Ethereum ETFs become active.
Technical Indicators Confirm Bullish Trends
The technical aspects present a promising outlook for Bitcoin. The tightening of the Bollinger Bands resembles a “coiled spring,” suggesting that Bitcoin is primed for substantial movement. Additionally, Bitcoin bounced off the 20-day exponential moving average, typically a sign of an impending uptrend. Jebb also mentioned a “bullish MACD cross coming in on Bitcoin’s MACD,” which he believes signifies accumulating bullish momentum.
Personal Finance Tips for Capitalizing on the Rally
Lastly, Jebb advises investors to strategize their participation in the crypto market. He proposes developing a written investment plan, regularly budgeting personal finances, and paying off debt to maximize the benefits from the upcoming rally. “Are you doing all of the different things that you need to be doing on a daily basis to put yourself ahead?” Jebb queried, encouraging viewers to prepare for potential gains.