The global cryptocurrency market is seeing a general uptrend, coming in as a healthy bullish resurgence following a downcast rally seen across the board yesterday. Bitcoin (BTC) and by effect Ethereum (ETH) is particularly energized as Chinese tech firm Meitu Inc doubled up on its accumulation strategy. The firm scooped up an additional 175.6 Bitcoins for $10 million bringing its total holdings to 31,000 ETH and 940 BTC.
Following Meitu’s boost, the technicals are pointing to a bullish spike for both digital currencies.
Bitcoin’s Resilience Seeking to Retest the $60,000 Psychological Level
Per the BTC-USD Daily Chart, Bitcoin has been experiencing a price suppression from the $60,000 resistance level for close to a month beginning on March 15th. While a break beyond this level seems daunting for the bulls to pull off, Bitcoin’s current price close above the 50, 100, and 200 Simple Moving Averages is a bullish factor for an imminent pull-up.
At the time of writing, Bitcoin is trading at $58502.2, up 3.14% in the past 24 hours per data provided by CEX.IO. Should the buyers intensify their push beyond the $59,000 resistance point, a price stir to $61,000 may be the next stop. Any pullback is certain to settle at the $56,000 support level in the short term.
Ethereum Still Taunting Bitcoin Per Rate of Growth
To the unbridled eye, Ethereum’s push to discover new price territories may not be as aggressive as Bitcoin’s, but in reality, Ethereum’s daily, and weekly rate of gain amongst others dwarfs that of Bitcoin. Currently exchanging hands at $2081.97, amounting to a 4.1% growth in the past 24 hours, Ethereum’s fight to close above the $2,100 price mark is getting intensified.
The technical indicators, that is, the Moving Average and the Chaikin Money Flow on the ETH-USD Daily chart as seen on TradingView both points toward continuous growth paths. Ethereum bulls are eyeing a short-term close above $2,100, a move that will be achieved with a little more pressure to repel the bears.
Executive Director at CEX.IO