Let's take a look at what's going on in the cryptocurrency market presently, including the prices of bitcoin and ethereum, as well as some of the more notable altcoins.
Bitcoin performed above $50,000 yesterday, reaching the $54,500 level of resistance, after which BTC broke through the $55,000 resistance level.
Before the bears emerged, it tested the $55,800 resistance zone. The price had reached a high close to $55,805 and subsequently corrected lower.
It tested the $53,500 support level. On the hourly chart of the BTC/USD pair, a crucial bullish trend line emerged with support close to $52,500.
It began an increase and scaled the $55,000 before retracing a bit. It is currently trading above $54,000.
The $55,000 mark is likely to serve as resistance once more if the price continues upwards. Close to $55,500 is the next significant resistance. A decisive break over the $55,500 resistance level could pave the way for a step above $56,000. Beyond that, BTC could attempt to surge past its former ATH above $58,000.
Bitcoin reclaimed the $1Trillion market cap level, spurred on by the latest influx of institutional investors into crypto. The newest release of a $1.9T stimulus package by the U.S government and the recent $10 Million acquisition by Microstrategy is all part of the momentum driving its increase.
Large purchase orders of over $100,000 are hitting peak levels on Binance, according to Material Indicators, an on-chain analytic company. This metric indicates a lot of inflowing whale activity.
ETH recently corrected lower and traded below the $1,825 support mark after reaching a new monthly high near $1,880.
On the hourly chart of ETH/USD, a main bullish trend line with support near $1,775 is also forming.
The $1,800 mark was a short-term resistance as the altcoin rallied upside. It scaled the first significant resistance near the $1,825 mark. It is currently reading above $1,820. A break above $1,850 could pave the way for a move towards $1,880 and then $1,900.
Altcoins market price summary.
Bitcoin Cash's lowest point was at $524. It then peaked at $555, but it is trading above $530.
Ripple's highest peak was above $0.485. Its intraday low level was at $0.460. It is still trading above $0.467.
Litecoin's intraday low point was at $193. It hit its peak at $206 and is trading above $195.
In conclusion, the market is still very bullish, and most of the cryptocurrencies have seen exciting gains in the past few days.
