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Bitcoin (BTC/USD) Bumping Into $60,000 Resistance, Ethereum (ETH/USD) Hitting New All-Time Highs

Bitcoin (BTC/USD) Bumping Into $60,000 Resistance, Ethereum (ETH/USD) Hitting New All-Time Highs

Nick Cawley, Senior Strategist
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Bitcoin (BTC/USD) & Ethereum (ETH/USD) Price, Analysis and Chart:

  • Bitcoin continues to run into resistance around $60k.
  • Ethereum makes a cluster of new highs.
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The cryptocurrency market continues to forge ahead with the space now worth just under $2 trillion, with Bitcoin worth 55% of the total. While Bitcoin is by far the most dominant coin in the market, the ongoing rally in the alt-coin space is starting to erode its pre-eminence. While BTC struggles to break above $60k in order to make a fresh ATH, Ethereum is making fresh highs, while the 3rd most valuable crypto by market cap, Binance Coin (BNB) is also making repeated new highs. The cryptocurrency space is seeing heavy, and widespread, buying interest and this is likely to continue going forward. We suggested last week that market momentum would likely drive fresh highs and this has been, and will probably be the case in the short term.

Bitcoin (BTC/USD) & Ethereum (ETH/USD) Momentum Suggests New All-Time Highs Are Near

Bitcoin needs to break, close and open above the $60,000 line before it can make fresh headway. If there is a sell wall at this level, as some in the market argue, then a break would lead to extra volatility and a new high print above $61,880 would likely happen very quickly. All three moving averages are supportive and another move higher is the path of least resistance.

Bitcoin (BTC/USD) Daily Price Chart (November 2020 – April 6, 2021)

Ethereum continues to push further ahead and posted a cluster of new highs over the long weekend, highlighting the bullish momentum of the second-largest cryptocurrency. Again all three moving averages remain supportive and new highs are likely. Any setback or consolidation will probably see buyers return, pushing the price ever higher.

Ethereum Daily Price Chart (September 2020 – April 6, 2021)

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What are your views on Bitcoin (BTC) and Ethereum (ETH/USD) – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.