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BTC and ETH Surge Amid US Stock Market Decline

Explore the recent rise of BTC and ETH as they gain momentum independently of the US stock market trends.
Published on 2023-04-26

Crypto Market Gains Despite Stock Market Decline

Bitcoin (BTC) and Ethereum (ETH) recently experienced notable gains, contrasting with a decline in the US stock market. This shift suggests a potential break in the historical correlation between the crypto market and the S&P 500. As BTC neared $28,500 and ETH approached $1,900, the global crypto market cap rose by 2.75%, reaching approximately $1.18 trillion.

BTC and ETH Price Performance

Currently, BTC is trading at $28,382.50, marking a 3.41% increase over the past 24 hours. ETH follows with a 2% rise, trading at $1,868.73. Both cryptocurrencies achieved 24-hour highs, with BTC peaking at $28,463.48 and ETH reaching $1,880.17 before slightly retracing.

Technical Indicators and Future Trends

On BTC’s daily chart, the price has recently moved above the 9-day EMA line after dropping below the 9-day and 20-day EMA lines over the past week. The daily RSI indicator suggests a bullish trend, indicating BTC's potential to break above the 20-day EMA line within the next 24-48 hours. To validate this upward momentum, BTC must maintain its position above the 9-day EMA line during this period.

Market Outlook

The recent activity in BTC and ETH highlights their potential to operate independently from traditional market influences. As the crypto market shows signs of resilience, investors and traders are advised to monitor these trends closely for future opportunities. With technical indicators pointing to further gains, the crypto market could continue to attract attention amidst broader market fluctuations.

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