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Bitcoin (BTC), Ethereum (ETH) Surge on Amazon Payment Rumor

Bitcoin (BTC), Ethereum (ETH) Surge on Amazon Payment Rumor

Nick Cawley, Strategist

Bitcoin (BTC/USD), Ethereum (ETH/USD), and Alt-Coin Analysis and Charts:

  • Amazon payment rumor sends cryptocurrencies sharply higher.
  • Alt-coins continue to rally.

Bitcoin is registering double-digit gains on a widespread ‘insider’ story that Amazon is looking to accept BTC payments soon. If this story is true, and we’ll need to hear some form of confirmation from the company, this move higher may continue to gain traction, especially as the heavyweight coin has broken out of its multi-week range with ease over the last 24 hours.

Bitcoin (BTC), Ethereum (ETH) Surge on Amazon Payment Rumor

Prices via @IG.com

Elon Musk Tweets: The Impact of Social Media on Markets

The daily chart shows that Bitcoin is spiking higher and is above prior multi-week range resistance. The next zone of resistance lies between $41,350 and $43,580. Prior resistance at $36,750 should act as the first line of support before $35,000 comes into view. The CCI indicator is showing BTC in extreme overbought territory and at levels last seen in December 2020.

Bitcoin (BTC/USD) Daily Price Chart

Bitcoin (BTC), Ethereum (ETH) Surge on Amazon Payment Rumor

Ethereum (ETH/USD) is also pushing sharply higher but has not yet been able to break multi-week range resistance between $2,420 and $2,470 although the spot price is closing in on this area quickly. Above here there is a cluster of prior highs all the way up to $3,000 that may put the brakes on any further rally.

Ethereum (ETH) Daily Price Chart

Bitcoin (BTC), Ethereum (ETH) Surge on Amazon Payment Rumor

A to Z Crypto: Demystifying the Top Cryptocurrency Jargon

The Ethereum/Bitcoin spread continues to respect a bearish trendline off the mid-May high around 815, with the 20- and 50-day simple moving averages also providing short-term resistance. Prior support around 550 should hold, suggesting a breakout is in the making if both support and trendline resistance continue to hold.

Ethereum/Bitcoin Daily Spread

Bitcoin (BTC), Ethereum (ETH) Surge on Amazon Payment Rumor

Chart via @IG.com

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What are your views on Bitcoin (BTC) and Ethereum (ETH) – 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.

https://www.dailyfx.com/forex/market_alert/2021/06/08/A-to-Z-Crypto-Demystifying-the-Top-Cryptocurrency-Jargon-WV.html

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

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