Markets
Bitcoin Surges Above $59,000 and Ethereum Above $3,100 as Pepe Falls
Last weekend was pretty brutal, with markets dropping a lot. BTC Price fallen below, dragging the ETH Price close to $2,800. However, the trade seems to have turned in favor of the bulls as buying pressure is slowly increasing. It seems that the terror of Mt. Gox and Germany has faded as Blackrock’s fresh accumulation of over 3,000 BTC has revived bullish hope in the markets.
As Bitcoin and Ethereum have entered a bullish range, sustained growth can be expected if they maintain the gains throughout the week.
Bitcoin’s short-term price action suggests that the uptrend may persist throughout the week. The price bounced off the lows a few times, forming a double bottom pattern and entering the range. Since the OBV is bullish, it indicates the continuation of the prevailing bullishness, which may help the price break above the descending channel resistance and enter the resistance zone between $62,500 and $63,200. Here, the bulls are required to demonstrate some strength to push above $65,000, otherwise, a failure may cause the price to fall back below $60,000.
Furthermore, Ethereum is struggling to enter the bullish range, which is almost 5% away from the current price levels.
Ethereum has fallen below the ascending trendline, which has been acting as a strong support since the start of the year. Although the bulls have initiated a recovery, some more upside is needed to climb above the bearish influence. The RSI is rising, and the MACD is close to undergoing a bullish crossover as selling pressure eases.
Therefore, the current trade setup suggests that ETH price may be poised to maintain a healthy uptrend and target the key resistance above $3,200. Furthermore, the bulls are expected to sustain the bearish pressure here, pushing the levels above $3,400 in no time.
Read too: MicroStrategy Moves Forward with Bitcoin Strategy Despite Market Decline