Bitcoin has pulled back around 5% after hitting resistance around the $47K level. According to technical analyst Jacob from Lux Algo, this move was expected after Bitcoin failed to break above a key weekly order block. In the near-term, Bitcoin could retrace towards support around $44K. Meanwhile, Ethereum continues to outperform, surging over 20% versus Bitcoin on the day the first Bitcoin ETF launched. Jacob sees potential for Ethereum to test $3,000 if bullish momentum continues.
Several altcoins like Uniswap, Polygon, and Solana remain in established uptrends according to the technical analysis. Solana in particular has already gained over 400% in the last quarter as it cementes itself as a top 10 cryptocurrency. As for stocks, Nvidia remains in a strong long-term uptrend and the company could benefit from growing demand for AI and VR technology. However, Coinbase shares have stalled out recently after more than doubling from its IPO. With investors potentially removing funds from Coinbase to buy the new Bitcoin ETF, the stock could see further consolidation before attempting another leg higher.
Robinhood shares have also slid lower in recent days but are trading near key support around the $10 level. If bullish momentum returns and the stock can reclaim $12, it could challenge the $13.50 area. Overall, Bitcoin and the crypto market saw a historic milestone this week but now faces some shorter term choppiness. However, analysts remain broadly bullish on assets like Ethereum as well as crypto-adjacent stocks like Nvidia over the longer term.
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