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Bitcoin

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Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) and Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) traded down 3.5% on May 24 as a long-awaited institutional milestone failed to boost markets.
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 <img src="https://s3.cointelegraph.com/uploads/2024-05/b229bad1-e12a-4b34-8226-50739244f0b4.png" alt="" title="">
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 BTC/USD 1-hour chart. Source: TradingView
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<h2 data-ct-non-breakable="true" id="bitcoin-ether-disappoint-bulls-on-etf-confirmation">Bitcoin, Ether disappoint bulls on ETF confirmation</h2>
Data from <a href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA..">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> showed BTC price action lingering near $67,000, with ETH price at $3,670.
Both had offered a muted reaction to the news that United States regulators had <a href="https://cointelegraph.com/news/ether-etf-approved-ethereum-price-sluggish">approved the launch</a> of spot Ether exchange-traded funds (ETFs).
A significant achievement for the crypto industry and a sharp u-turn on policy for the Securities and Exchange Commission (SEC), the ETFs were nonetheless not yet ready to trade. Additional preparations, which <a href="https://cointelegraph.com/news/ether-etf-launch-next-month-certainly-possible-analysts-say"></a><a href="https://cointelegraph.com/news/ether-etf-launch-next-month-certainly-possible-analysts-say">analysts suggested could take several weeks</a>, pushed back the likely launch date.
Discussing the latest events, James Seyffart and Eric Balchunas, dedicated ETF analysts at Bloomberg Intelligence, entertained the idea of a mid-June go-ahead.
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 <img src="https://s3.cointelegraph.com/uploads/2024-05/0f7dd42f-d1e8-44b4-a8d7-affdfdec692d.png" alt="" title="">
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 Source: Eric Balchunas
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BTC/USD and ETH/USD thus avoided an impulse move higher and even came off local highs into the daily close.
The dynamics between the two largest cryptocurrencies were of more interest to market participants on the day.
Popular trader Daan Crypto Trades saw the potential for Bitcoin’s share of the overall crypto market cap to be challenged considerably once the Ethereum ETFs launched.
“With the recent $ETH rally, we’ve seen #Bitcoin Dominance head back down,” he wrote in part of a post on X.
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 “This has been in an up trend for about 1.5 years and if there’s anything that could reverse this trend it would be ETH leading on the back of an ETF being approved. 52% and 48% are the main levels.”
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 <img src="https://s3.cointelegraph.com/uploads/2024-05/94ed3559-4d90-4f1f-be98-7a79c773a1a4.png" alt="" title="">
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 Bitcoin crypto market cap dominance chart. Source: <a href="https://x.com/DaanCrypto/status/1793688844677869702" target="_blank" rel="noopener nofollow">Daan Crypto Trades</a>
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The risk to the uptrend was also noted by other traders in what they considered may be a prelude to a full-blown “altseason.”
Bitcoin dominance hit 57% in mid-April, just before its block subsidy halving — the highest level in more than two years.
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 Source: Captain Faibik
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<h2 data-ct-non-breakable="true" id="btc-price-reaction-key-at-66-000">BTC price reaction “key” at $66,000</h2>
Examining how low BTC price action might go before buyers stepped in, popular trader Skew noted a zone of interest around $66,000.
Related: <a href="https://cointelegraph.com/news/traders-say-bitcoin-price-correction-a-fake-out-before-the-next-leg-up">Traders say Bitcoin price correction a ‘fake out’ before the next leg up</a>
This, he explained in analysis released on May 23, was home to nearby patches of bid liquidity on largest global exchange Binance.
“Seeing some initial spot demand around $66K - $65K, reaction is key as well to gauge absorption of sellers Spot supply remains around current high $72K - $76K,” he confirmed.
Skew added that the week’s price run had been “driven by spot exchanges,” highlighting both Binance and largest U.S. trading platform Coinbase.
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 BTC/USDT chart with liquidity highlighted. Source: <a href="https://x.com/52kskew/status/1793737755069231310" target="_blank" rel="noopener nofollow">Skew</a>
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin dominance risks breaking 18-month uptrend on Ether ETF launch

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