Crypto Market Surges by Almost 8% as BTC and ETH Break Out
The cryptocurrency market has broken out of its consolidation phase, surging by almost 8% over the past 24 hours to $2.37T, reaching its highest level since early June.
This rise is attributed to the US Treasury's support for the debt market, which sparked demand for risk assets and triggered a wave of short-covering following weeks of narrow trading.
BTC has been the primary beneficiary of this rally, reaching $70K with a 9% gain over eight hours during the US trading session. While it retreated slightly to $69.6K, its consolidation above the 50-day moving average and testing of the 200-day MA are positive signs.
Ethereum has recorded an even more impressive breakout, showing an 18% gain over 24 hours at its peak, reaching $2.25K and approaching its April-May highs. It has broken above its 200-day moving average and away from a long-term support line that rose from around $1.75K to $1.9K in the past eight months.