Bitcoin Rises Nearly 8% After Vanguard Approves Crypto ETFs
Bitcoin (BTC) rose almost 8% in the last 24 hours. It climbed above $92,000. This jump followed Vanguard’s decision to allow Bitcoin ETFs on its platform. Vanguard manages over $11 trillion in assets in the US.
Eric Balchunas, a Bloomberg ETF analyst, reported that BlackRock’s Bitcoin ETF (IBIT) saw more than $1 billion in trading volume within 30 minutes of launch. This shows strong interest from large investors.
By Wednesday, Bitcoin was approaching $93,000 with nearly 2% gains. It was building on a 6% increase from the day before. The price is testing resistance near $92,800, the low point from April 28. If Bitcoin stays above this level by daily close, it may rise toward its 50-day Exponential Moving Average (EMA) at $98,673.
Technical signals show less selling pressure. The Relative Strength Index (RSI) rose to 47 from an oversold level. If RSI passes the middle line, buying pressure could strengthen. The Moving Average Convergence Divergence (MACD) also suggests bearish momentum is easing after crossing above its signal line on November 25.
If Bitcoin falls below $92,800, it could find support between $84,739 and $80,600, key levels from late November.
Pudgy Penguins, Sui, and Pump.fun Lead Crypto Market Gains
Pudgy Penguins (PENGU) jumped 25% on Tuesday. This outpaced the broader crypto market. PENGU rose above the $0.0100 level, nearing resistance from a descending channel pattern on the daily chart. A close above $0.0132, the November 4 low, may confirm a bullish breakout. If this happens, PENGU could climb to the 50-day EMA at $0.0159.
Momentum indicators show easing selling pressure. The RSI recovered to 45 from oversold levels. The MACD and its signal line are steadily rising toward zero. Support lies at $0.0099, the low from Saturday.
Sui (SUI) traded at $1.63 on Wednesday, after a 21% gain on Tuesday. The next resistance is $1.82, near the November 4 low. Like PENGU, SUI’s RSI and MACD show signs of less selling pressure. Key support remains at $1.31, the low from November 21.
Pump.fun (PUMP) gained nearly 17% on Tuesday. It is moving toward the 50-day EMA at $0.003658, the next resistance. Its RSI of 50 may soon indicate a bullish trend if it climbs higher. The MACD is rising and trying to leave negative territory, signaling weaker bearish momentum. Support is at the $0.002000 pivot point.
