Bitcoin (BTC) Price Volatility Increases After Good News, Will Dogecoin (DOGE) Break Out?

It’s finally confirmed; Tomorrow the first US bitcoin (BTC) will exchange traded fund (ETF) appear on the market. It is expected that this will attract mainly wait-and-see institutional investors. But how did the price react to the news today?

Bitcoin (BTC) Volatility Rising

Last night, bitcoin briefly dipped below $60,000. But as expected, support was found here fairly quickly and the bitcoin price was able to climb back above $60,000. This morning we saw another dip, but that was bought up again quite quickly this afternoon. An above-average spike in trading volume brought bitcoin back above USD 62,000. At the time of writing, the price of bitcoin is $61,906 on crypto exchange Coinbase.

The good news about the approval of a bitcoin ETF is therefore causing quite a bit of movement in the market. And with the all time high (ATH) within reach, the entire crypto community is eagerly waiting for this price record to be broken. Until then, however, bitcoin has yet to rise in value by just under 5% from its current price point. So let’s hope the positive momentum continues!

Is dogecoin (DOGE) about to break out?

The picture for the rest of the cryptocurrencies is somewhat mixed. Bitcoin is up 1.6% compared to 24 hours ago, while ethereum (ETH) is down 1.6%. Binance coin (BNB) is 2.7% in the green and cardano (ADA) 1.6% in the red. In short, a mixed picture.

Yet we see dogecoin (DOGE) well in the plus. With an increase of 8.7%, DOGE is the hardest riser of the top 10. Does this foreshadow a breakout from a pattern shaping the altcoin over the longer term? Analyst and trader Nebrakan Gooner sees an opportunity:

However, if we zoom out a bit, we see the great rival of dogecoin, shiba inu (SHIB) as one of the biggest risers in the top 100. SHIB is up 12.3%. A large number of SHIB fans recently petitioned to get shiba inu on Robinhood. This seems to provide new momentum in the hype surrounding this coin.

Read Also:  Bitcoin experts share new post-halving price outlook

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