Key Bitcoin price metric flashes its first bullish signal in 4 months

Key Bitcoin price metric flashes its first bullish signal in 4 months


Bitcoin (BTC) has been struggling to sustain above the $53,000 support for the past three days, while Ether (ETH) soared to a new all-time high at $2,800. In the current scenario, some traders would rather wait for Friday’s CME futures expiry before entering long BTC positions, as historically, its price tends to correct ahead of the event.

Ether and Bitcoin prices at Coinbase, USD. Source: TradingView

On the other hand, Ether’s price has been positively impacted by the European Investment Bank launching a “digital bond” sale using the Ethereum network. The EIB is issuing a two-year 100-million-euro ($120.8 million) digital bond, with the deal to be led by Goldman Sachs, Santander, and Societe Generale.

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Furthermore, in the past week, JP Morgan published a research note stating that Ether should continue to outperform Bitcoin due to liquidity improvements and increased activity on the network.

According to fixed-income analyst Joshua Younger:

“Bitcoin is more of a crypto commodity than currency and competes with gold

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