Bitcoin hits a new peak of $99,299, approaching $100K as SEC Chair Gensler resigns. Ethereum is testing resistance at $3,454 with eyes on $4,000, while Ripple breaks $1.37, targeting a high of $1.96. Rising RSI values indicate potential pullbacks, advising caution among traders.

Bitcoin has reached an impressive new all-time high of $99,299, closely approaching the significant $100,000 milestone, following the news of SEC Chair Gary Gensler’s forthcoming resignation. Meanwhile, Ethereum is experiencing an upward trend, testing its weekly resistance level at $3,454, which, if surpassed, could propel it towards $4,000. Ripple is also showing promising potential, having sustained its breakout above the $1.37 resistance, indicating the possibility of further gains as it eyes a three-year high of $1.96. However, caution is advised across the board due to rising overbought conditions indicated by the Relative Strength Index (RSI) for all three cryptocurrencies. Traders are urged to monitor market conditions closely to mitigate risks of potential pullbacks.

The current trends in cryptocurrency markets reflect a careful observation of key resistance levels and market momentum following significant events, such as leadership changes within regulatory bodies. Bitcoin’s ongoing rally comes amidst increased institutional interest and speculation surrounding potential law changes, which aids in driving market sentiment. Understanding the importance of psychological price levels, traders are assessing the potential for further upward movements against the backdrop of current market dynamics.

In summary, Bitcoin, Ethereum, and Ripple are all showing strong bullish momentum with Bitcoin nearing the $100,000 mark. Still, traders should be vigilant as overbought signals suggest potential market corrections. Continuous monitoring of resistance levels will be fundamental for sustaining these upward trends. It is crucial for investors to approach trading decisions with caution while also staying informed of market shifts related to significant regulatory changes.

Original Source: www.fxstreet.com

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