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 is currently trading at above 57k USD. Few hours before, the coin continued to climb after settling above the $57,000 resistance level. BTC broke through resistance levels of $58,000 and $58,500 to step into a bullish position.
On the hourly chart of the BTC/USD pair, there was a break above a couple of bullish patterns between $57,600 and $58,600 during the rise. The pair also broke through the $59,000 resistance level and settled comfortably above the hourly simple moving average of 100.
Before a brief correction, a high near $59,399 was created. Before bouncing back, it dropped below $57,500. It is currently worth more than $58,000. The primary resistance thresholds for the time being are $58,250 and $58,500. Beyond the critical resistance, there is a significant one at $59,000 and another at $59,500. Above this, it has the potential to exceed $60,000.
Over the weekend, Grayscale, the largest crypto fund, purchased $3.1 billion in digital assets, including more Bitcoin and five other altcoins: BAT, MANA, LINK, FIL, and LPT. This takes the cumulative value of their bitcoin assets to $37.3 billion.
Ethereum, like bitcoin, stayed in a bullish zone above $1,750. ETH broke through the $1,800 and $1,820 resistance thresholds to pass deeper into the green.
The market also broke through the $1,850 resistance level and settled comfortably above the 100 hourly simple moving average. A peak has been established near $1,863, and the price is now correcting lower. There was a break below the pivot stage of $1,850 and it traded below $1,800. It is currently trading close to $1,800.
On the upside, the $1,850 and $1,860 levels are significant support levels for the bulls. A simple break above the $1,850 resistance, followed by a step above the $1,863 resistance, could set the stage for a test of $1,900.
Here's the altcoins price summary.
Bitcoin's lowest point was at $507. I peaked at $534 and it is still increasing. It is currently trading at $512.
Ripple's highest peak as at the time of writing this was at $0.580. Its intraday low level was below $0.540. It is still in an increase and is trading above $0.540
Litecoin reached an intraday low of $186. It hit a high of $199 and is trading around $189.
In conclusion, Bitcoin is still in an uptrend. So is the rest of the market.
