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"By 2023, Bitcoin's price has risen 30% relative to Ethereum (ETH). Looking at the weekly chart performance, it appears that the bullish trend has not slowed down. BTC is on the edge of declining against ETH when calculated at spot exchange rates, hitting new lows for 2023 and continuing the gains from the beginning of the year.
The downward trend still exists: Will Bitcoin continue its uptrend?
Bullish sentiment dominates Bitcoin. The candlestick arrangement on the weekly chart shows that despite BTC's attempt to reach higher highs in mid-August, Bitcoin continued to rise, extending its uptrend against the second-largest valuable token.
In the second week of August, ETH relative to BTC increased by about 7%. It is worth noting that this expansion occurred after a period of sideways consolidation as the momentum shifted in favor of ETH. However, the bears reversed the gains, continuing the primary trend established since the beginning of the year.
The mid-term trajectory seems to be guided by events in mid-March 2023. Subsequently, ETH significantly depreciated relative to Bitcoin, forming a bearish engulfing candle marked by a surge in trading volume. Increased demand for BTC caused a reversal in prices in late October 2022." |
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Post time 8-10-2023 21:24:37