Crypto News Today: Bitcoin Return to $40,000 Gives DOGE a Look at $0.0900

Key Insights:

• BTC hits $40,000 for the first time since May 2022.
• The market anticipation of the SEC approving a batch of BTC-spot ETFs continues to fuel the BTC rally.
• BTC-spot ETF-related news and US regulatory activity remain focal points on Monday.

Bitcoin Returns to $40,000 for the First Time Since May 2022

On Sunday, bitcoin (BTC) rose by 1.23%. Following a 2.01% gain on Saturday, BTC ended the week up 6.92% to $39,986. Significantly, BTC rose to a Sunday high of $40,283 before easing back. Bitcoin last visited the $40,000 handle on May 4, 2022.

Investor optimism toward the SEC approving a batch of BTC-spot ETFs fueled buyer appetite. There were no significant updates from the SEC on the applications to change investor sentiment.

This morning, BTC climbed to a new 2023 high of $40,901 before easing back.

DOGE Takes Another Run at $0.10

On Sunday, dogecoin (DOGE) declined by 0.58%. DOGE climbed to a session high of $0.0874 before ending the day in negative territory. Despite the Sunday loss, DOGE ended the week up 8.64% to $0.0855.

Reports of DOGE appearing in Tesla’s (TSLA) Cybertruck checkout webpage drove buyer demand. Members of the DOGE Community highlighted the frequent reference to DOGE in the code. The coding suggests Tesla is preparing to accept DOGE as payment for the Cybertruck.

On November 30, Tesla reportedly delivered the first Cybertruck.

This morning, DOGE was up 0.82% to $0.0862. A break above the November 17 high of $0.0876 would bring the $0.0900 handle into play.

Coinbase: The Beneficiary of a BTC-Spot ETF Market

Market euphoria surrounding the possible launch of a BTC-spot ETF market has driven buyer demand for BTC and the altcoins. However, Coinbase (COIN) is also a beneficiary for multiple reasons.

Aside from the rising demand for cryptos, Coinbase’s early dominance within the crypto-spot ETF space is evident. Currently, Coinbase is the favored custodian among the BTC-spot ETF issuers.

Coinbase rallied 61.72% in November, ending the month at $124.72. An impressive 7.25% December 1 rally took Coinbase to a new 2023 high of $134.33. Progress toward a BTC-spot ETF market and updates from the ongoing SEC v Coinbase case could propel COIN to $200. Coinbase last held onto the $200 handle in March 2022.

On January 17, 2024, Judge Failla will hear oral arguments concerning the Coinbase motion to dismiss (MTD). In August, Coinbase filed an MTD arguing the SEC lacks the statutory authority to regulate crypto exchanges. The SEC charged Coinbase for operating as an unregistered securities exchange, broker, and clearing agency, among other charges.

If Judge Failla grants the MTD, the implications for the crypto space could be far-reaching. A Coinbase win against the SEC could drive listings and end the crypto trading and securities debate.

Technical Analysis

Bitcoin Analysis

BTC held above the 50-day and 200-day EMAs, with the EMAs sending bullish price signals.

A BTC break above the $40,800 resistance level would support a move to the $41,585 resistance level.

US regulatory activity and BTC-spot ETF-related news are the focal points for crypto investors.

A drop below the $40,000 handle would give the bears a run at the $39,600 support level.

The 14-Daily RSI reading of 73.14 shows BTC in overbought territory. Selling pressure could intensify at the $40,800 resistance level.

Ethereum Analysis

ETH remained above the 50-day and 200-day EMAs, reaffirming bullish price signals.

An ETH return to $2,250 would give the bulls a run at the $2,300 resistance level.

However, a break below the $2,143 support level would bring sub-$2,100 into view.

The 14-period Daily RSI at 69.48 suggests an ETH return to $2,250 before entering overbought territory.