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Bitcoin (BTC) Breaks Above $50k, Cardano (ADA) Hits Another Record High

Bitcoin (BTC) Breaks Above $50k, Cardano (ADA) Hits Another Record High

Nick Cawley, Strategist

Bitcoin (BTC/USD), Ethereum (ETH/USD), Cardano (ADA/USD) Price, Chart, and Analysis

  • Bitcoin (BTC) is back above $50k as the rally continues.
  • Cardano (ADA) continues its record-breaking run.
  • Ethereum (ETH) eyes set on $3,500.

The cryptocurrency market rebound continues with the market as a whole adding another $100 billion to its market cap over the weekend. Bitcoin outperformed Ethereum in the rally, while a host of alt-coins made strong single-digit gains to continue their rebound off their multi-week lows. News that PayPal is introducing a cryptocurrency section to its app - to allow customers to trade a select few coins - has helped to underpin the ongoing bullish sentiment in the market.

Weekend Article:Bitcoin, Ethereum Pushing Towards Fresh Multi-Week Highs, Alt-Coin Rally Resumes

Bitcoin broke recent resistance over the weekend and is now making what looks to be an orderly move higher, something not normally associated with the volatile cryptocurrency space. The next level of technical resistance is close by with the 61.8% Fibonacci Retracement just above $51,100 before the mid-May double-top around $59,500 comes into view. The 20-day sma is about to break above the 200-day sma, underlining the positive mood in the market.

Bitcoin (BTC/USD) Daily Price Chart (February – August 23, 2021)

Bitcoin (BTC) Breaks Above $50k, Cardano (ADA) Hits Another Record High

Cardano continues to cement its position as the third-largest cryptocurrency by market cap ($91 billion) and is carrying on printing a series of fresh record highs. With little on the charts to suggest technical levels of resistance, big figures at $3 and $3.50 may act as initial areas of opposition although the current level of enthusiasm for the coin may leave these levels moot. For now, buyers remain in control of the market.

Cardano (ADA) Daily Price Chart (February – August 23, 2021)

Bitcoin (BTC) Breaks Above $50k, Cardano (ADA) Hits Another Record High

Chart via TradingView

Ethereum is currently testing recent resistance around $3,340 but price action remains positive with a confirmed break opening the way back to multi-month highs. Resistance of the ascending channel is currently around $3,470/$3,480 and if Ethereum can climb back into this channel, and respect it, then further gains are likely. All three simple moving averages remain positive while the CCI indicator is showing ETH just touching overbought levels.

Ethereum (ETH/USD) Daily Price Chart (February – August 23, 2021)

Bitcoin (BTC) Breaks Above $50k, Cardano (ADA) Hits Another Record High

What is your view on Bitcoin, Ethereum, and Cardano – 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.