Konstantin Anissimov, Executive Director at CEX.IO, gives insights into the daily price movements of Bitcoin and Ethereum.
The bullish market rally that started the week has taken a new shape as top cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) beat previous all-time highs (ATH) and set new ones. Bitcoin hit a price of $ 64,758.25 today, cementing its progress as one of the world’s leading assets.
The Ethereum bulls also pushed the coin price north from $ 2,300, setting an ambitious ATH at $ 2,397.32. The complementary growth of both digital assets by more than 11% over the past week gives some insight into the cops’ alleged drive to rediscover new highs.
Bitcoin price at $ 70,000 per option
The current price of Bitcoin at the time of writing is $ 64,343.8, an increase of 2.58% according to data from the CEX.IO price feed. Ongoing buying and selling actions in the market have a weight that the price seems to crumble to, but the extreme volatility seems to be in favor of the bulls.
Despite the general health of the market, as shown in the 4-hour BTC-USD graph above, the Bitcoin market is trying to take into account the potential impact of Coinbase’s public listing.
However, the market appears to be signaling a healthy retracement, as evidenced by the bearish candle turning away from the upper band of the Donchian Channels. This will be followed by an impending spike to $ 70,000 in the short term if the bulls maintain or increase their current stack.
Ethereum is pushing to break the $ 2,400 resistance
With the current price at $ 2376.38 and a gain of 6.63% over the past 24 hours, the bulls are pushing Ethereum to break the resistance level of $ 2,400. This is an accomplishment that is possible when the coin is trading above its 50, 100 and 200 SMAs.
Consider the following 4 hour chart for ETH-USD:
The potential to break the next level of resistance is high as the Awesome Oscillator is only bullish and no bear action is visible at the time of writing. However, before the bulls hit their near-term target of $ 2,500, intermittent and healthy retracements can be seen.
Next Author: Konstantin Anissimov
Executive Director at CEX.IO. His responsibilities include client relationships with institutional clients and VIP clients who oversee the development of the company’s development strategy, new products, markets and partnerships. As a member of the Board of Directors, Konstantin is also responsible for corporate governance.
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