Bitcoin Price at $60,000, Materialistic or Reality?
BTC price has a history of rejections at pivot zones, which may also reciprocate in the current price movement. The bitcoin bulls administered the rally close to $60K, but surpassing these levels may be a little tougher than expected.
The prime focus is to break and stand strong above $60k, else the rejection would make the bears more confident. If the current resistance levels at $60K grows weaker and crumbles at some point, then the probability of bears liquidating short positions will go high.
Looking at the price chart, the buying pressure needs to pile up still more to push the price above these levels and sustain. Moreover, the price is still consolidating within a narrow range, awaiting for a bigger boost. The RSI and MACD indicators still do not showcase signs of a huge bull run, yet a bearish divergence also not foreseen.
Ethereum Price Gets Rejected Again!
Ethereum’s price took more than a month’s time to regain its lost positions close to $2000. However, the price is trending within an ascending channel and following an uptrend. Unlike bitcoin, ETH price rally maintains a stable uptrend by eliminating a steep dump or pump.
In the past couple of days, nearly 400k ETH have flowed out of Coinbase according to CEO of Crypto Quant, Ki Young Ju. The outflow is anticipated for a huge accumulation by the whales or institutions.
At the time of writing, the Ethereum price is slashing down as a huge red candle appeared after a series of greens. On the other hand, the total value locked in ETh 2.0 Deposit Contract is smashing ATH every new day.
Collectively, Ethereum price is still expected to rise high and eventually hike the gas fees to new higher levels. Additionally, bitcoin price rally is expected to rally hard above $60k soon, yet to sustain above these levels may be like dodging the bullet.