What Happened: Bitcoin (CRYPTO: BTC) is trading higher over multiple days, coming off a July 21 low of 29296.39 to a peak of over 34,000 Saturday July 24, a move of over 15%. Meanwhile, Ethereum (CRYPTO: ETH) is bouncing off a low of 1717.17 on Wednesday to a peak of over 2180 at the time of publication, up over 25% in four days.
Why It’s Important: The two leading cryptocurrencies have been range bound since a major correction earlier this year. Bitcoin set an all-time high of 64900 on April 21, Ethereum set a record high 4384.43 on May 21. Recent lows set by both are 1700 for Ethereum on June 21, while Bitcoin came down to 28600 on June 22.
In an email, Pankaj Balani, CEO of Delta Exchange tells CoinDesk “For the first time in many weeks we are seeing bullish signs here and expect Bitcoin to head towards the upper end of the $30,000-$40,000 range,”
What’s Next: Data source Skew is reporting that Bitcoin options traders are pricing an 8% chance of the cryptocurrency reaching a new all-time high by the end of the year. Meanwhile the six-month implied volatility has dopped to 80%, a two month low, after peaking at 122% on May 17.