Daily insight into the cryptocurrency market examining highlights of the day. And following price actions of cryptocurrencies such as bitcoin and ethereum, and some of the other altcoins.
Bitcoin continued to climb after breaking through the $53,200 resistance mark. BTC has broken through the $55,000 resistance level and is now trading comfortably above the 100 hourly simple moving average.
It also soared above $56,500, reaching $56,694 at one point. It's now correcting lower and trading below $56,000. On the hourly chart of the BTC/USD pair, there was also a break below a main bullish trend line with support near $55,500. The pair is currently consolidating around $55,000.
Bitcoin started a new uptrend after staying above the $54,000 support zone and the 100 hourly SMA. Following the rise, it is currently trading in the $57,000 range. If it stays strong above this zone, it could hit $60,000 soon. Key resistance would be at $58,000 and $58,500. Above this bitcoin could revisit $60,000 again.
While the price fell below the $1,700 mark, it stayed stable near the $1,660 level. The price is rising after forming a low around $1,662. It's now trading above the $1,650 resistance level as well as the 100 hourly simple moving average.
On the hourly chart of ETH/USD, a main bullish trend line has formed with support near $1,675. The resistance levels at $1,700 and $1,710 were clearly broken above, setting the stage for a strong rise. The price is expected to fluctuate between $1,750 and $1,780. Over these levels, Ethereum is likely to hit $1,800, which is a key resistance level. If this is broken and the resistance at $1,850 is broken, it could return to $2,000.
In other ethereum news, According to a Coinbase study looking into the high fees on the Ethereum network, said that the prices are now about two-times higher than they were in 2017/2018.
The paper cautioned, however, that the forthcoming EIP-1559 update could not resolve the issues.
Check out today's altcoins' news.
Bitcoin Cashe's lowest point was at $489. I peaked at $520 and it is still increasing. It is currently trading at $519.
Ripple's highest peak as at the time of writing this was at $0.567. Its intraday low level was below $0.539. It is still in an increase and is trading above $0.560
Litecoin reached an intraday low of $180. It hit a high of $196 and is still on an increase. It is trading above $190.
In conclusion, the market is on an uptrend again and if it continues could likely revisit it's ATH.
