Bitcoin, Ethereum experience significant gains
Despite breaking below $62,500, Bitcoin has recovered, forming a new base at $60,778, and is regaining upward momentum
Bitcoin broke below $62,500 levels in its last decline, expecting the bulls to reemerge around $60,800.
However, it even traded below the $61,200 level before slowing down. Now, with a recovery from the lows, a new base has been formed at around $60,778, and the price has regained upward momentum.
There was a substantial increase above the immediate resistance levels at $63,000 and $64,000.
This upward move exceeds the 50% Fibonacci retracement level of the decline from $68,898 to $60,778, giving an important signal. On the hourly chart of the BTC/USD pair, there was a break above a key bearish trend line with resistance at $65,000.
As of last night, cryptocurrency markets became active once again.
Again, Bitcoin is in the leadership seat. Investors around the world are eyeing Bitcoin's recovery trend. A strong recovery wave starting from the $60,800 region pushed BTC close to the $68,800 resistance with an increase of about 10%.
However, given the volatile nature of cryptocurrencies, the sustainability of this rise is a matter of curiosity.
After the last downtrend, Ethereum started rising from the $3,050 level due to the bulls' influence. It is currently trading above $3,500 and above the 100-hourly Simple Moving Average, creating a positive market sentiment.
According to technical analysis, Ethereum broke the $3,400 resistance level and entered an uptrend. However, if it exceeds $3,550, its rise may strengthen further and move toward $3,820 or even the psychological resistance of $4,000.
If Ethereum's price declines, the first support point is around $3,380, and further declines could lead to a decline toward the $3,050 level.
Technical indicators indicate that the ETH/USD parity may lose its upward momentum, but the RSI's above-the-50 level indicates that some buying continues. The key resistance is at $3,550, while the main support is at $3,380.
Source: Newsroom
