Bitcoin’s Taproot Update Gets Approval, Due to Take Effect in Nov — Analysis, 14 June

Last week, miners around the world approved Bitcoin’s Taproot upgrade:Source: TwitterThe Taproot upgrade, the most important one since the SegWit upgrade in 2017, is expected to take effect in November. Many blockchain experts believe that Taproot will increase the privacy and the efficiency of Bitcoin transactions.But this is not the only positive news for the Bitcoin ecosystem. Tesla CEO Elon Musk reiterated that Tesla sold only 10% of its BTC holdings and outlined that it would resume allowing Bitcoin transactions if the cryptocurrency’s mining process becomes more environmentally friendly:Source: TwitterWell-known Bitcoin bull PlanB underlined that the Bitcoin price target of $288,000 for the current market phase remains in place:Source: TwitterThe positive news from last week has supported the cryptocurrency prices. The Monday market starts with a solid price rebound. According to Coin360.com, one Bitcoin costs €32,722.51 (+11.31%), one Ethereum — €2,066.22 (+6.32%), one DOGE — €0.2673 (+4.95%), and one UNI — €18.94 (+10.19%):Source: Coin360.com (Daily crypto market performance)Now, let us analyze the price charts of the leading cryptocurrencies against the euro in the most notable time frames.BTC/EURIn the weekly chart (1W), last week BTC/EUR formed a Hammer candlestick after the Doji from the previous week:The Hammer technical pattern is a candlestick formation occurring at the bottom of a price correction and usually marks the beginning of an uptrend renewal. That’s why the chances of a price rebound are increasing.Moreover, in the 1-hour chart (1H), BTC/EUR has just gone through the resistance line:We consider this breakout as an initial bullish signal pointing to a potential resumption of the uptrend. In our view, if the price doesn’t drop again below the resistance line, some more aggressive traders will start opening long positions.ETH/EURIn the daily chart (1D), ETH/EUR continues to move forward within the Ascending channel (uptrend):Although there is an Ascending channel, traders…