Crypto News Today's video: CRYPTO NEWS Latest Bitcoin and Ethereum Technical Analysis BTC Price Prediction

CRYPTO NEWS! Latest Bitcoin and Ethereum Technical Analysis! BTC Price Prediction Hey there! Let's chat about Bitcoin's latest rollercoaster ride and Ethereum's dance alongside it, shall we? So, this week kicked off with Bitcoin strutting past the $42,000 mark on Monday, December 4. It was like watching the star of the show make a grand entrance. But then, Bitcoin decided to take a little breather and is now lounging at $41,762, with a hefty market cap of $817 billion. It's like Bitcoin said, "I've made my point, now let me chill for a bit." Now, let's talk about Bitcoin's relationship with equities this year. In 2023, Bitcoin has been like that independent friend who finally decides to do their own thing, breaking away from their usual crowd. It's up a staggering 150% this year and has been shaking off its strong correlation with equities. It's like Bitcoin is dancing to a different tune now. On Monday, while Bitcoin was busy hitting that $42,000 high note, traditional indicators like global shares and bonds were nursing their wounds with losses. Sean Farrell from Fundstrat Global Advisors LLC pointed out this divergence, showing how Bitcoin is marching to the beat of its own drum. Throughout the year, Bitcoin has been distancing itself from stocks and gold. The correlation coefficient with global shares dropped from 0.60 to a mere 0.18, and with gold, it's almost zero now. Bitcoin is like, "I'm my own asset now, thank you very much." In the futures world, Bitcoin's open interest on Deribit hit a two-year high at $740 million, a level we haven't seen since its all-time high in November 2021. This spike in open interest is like a crowded party, signaling more people are joining in and bringing more money to the table. Justin d’Anethan from Keyrock noticed a juicy premium on CME bitcoin futures, hinting that big players are eyeing Bitcoin like it's the last piece of cake at the party. D’Anethan also mentioned the buzz around the upcoming decision on spot Bitcoin ETFs, which is like the most anticipated event of the season. Meanwhile, Bitcoin's RSI is at 76.5, flirting with overbought territory. If it dips below 65, we might see Bitcoin sprinting towards $50,000. And guess what? Everyone's gossiping about the Bitcoin ETF coming next month, but the real showstopper could be the Bitcoin halving event in April 2024. Historically, this event has been like a magic wand for Bitcoin's price, with predictions soaring as high as $500,000 for the next bull run. Now, let's not forget about Ethereum. It's been following Bitcoin's lead, soaring above $2,000 and breaking past $2,120 and $2,200. Ethereum even hit a new high near $2,275 and is now taking a moment to gather its gains. There's a bullish trend line forming, with resistance near $2,250. If it breaks past $2,275, we could see Ethereum aiming for $2,320 and maybe even $2,500. But what if Ethereum hits a snag at $2,250? It might take a little dip, with support near $2,220 and a stronger one at $2,150. If it drops below $2,150, we could see a slide towards $2,080 or even $2,020. So, in a nutshell, Bitcoin and Ethereum are like the dynamic duo of the crypto world right now, each dancing to their own rhythm but definitely in sync with the market's upbeat tempo. Keep your eyes peeled, because this party is just getting started! 🚀🎉📈