Bitcoin and the rest of the crypto market have performed extremely well over the past few days, bouncing 10% from last weekend’s correction lows.
Though one cryptocurrency has been dramatically outperforming all the rest: Ethereum.
The second-largest cryptocurrency and foremost altcoin was up 10% on Saturday, surging higher on the back of an influx of buying pressure. It was a move that allowed Ethereum to break past a crucial resistance.
Although Bitcoin has yet to follow Ethereum higher, analysts say that ETH’s strength could drag the rest of the market higher.
Ethereum’s Strength Could Boost Bitcoin
One prominent trader asserted that ETH’s ability to continue to “hammer” past key resistances is adding fuel to the Bitcoin bull case:
“ETH continues to hammer up, dragging BTC past a $10k breakout. That adds fuel to ETH until ETH has gone fully absurd. That’s my favored son scenario.”
Bitazu Capital founding partner Mohit Sorout shared this sentiment in his own analysis on the matter. In reference to the chart below, he explained that “Ethereum maximalists are waiting for Bitcoin bulls to join the party.”
The chart below shows that Bitcoin has yet to break a downtrend formed at the end of April while Ethereum has.
Charts of both ETH and BTC from Mohit Sorout (goes by @SinghSoro on Twitter)
As ETH led BTC higher during February 2020’s rally, chances are BTC is about to break past the level indicated in Sorout’s chart too. Should this happen,~$10,100 could be within BTC’s sights in the coming few days.
BTC Is Bullish Too
Bitcoin, too, is showing technical and fundamental strength.
As reported by Bitcoinist previously, the leading cryptocurrency is on the verge of closing above a key downtrend resistance on a monthly time frame.
Analyst Eric “Parabolic” Thies pointed out this technical occurrence with the chart below. It shows that BTC is finally peaking above the downtrend formed after the $20,000 high.
BTC chart from Eric “Parabolic” Thies, a crypto analyst and programmer.
Thies believes that Bitcoin closing the May candle above that crucial level in approximately four hours (as of this article’s writing) will be “incredibly significant for bulls.”
Adding to the bullish confluence, there are macroeconomic and geopolitical trends favoring BTC growth.
Matt D’Souza — CEO of Blockware Mining — recently identified four such trends, some of which are as follows:
There is growing geopolitical unrest: The U.S. and China have seen tensions grow again over Hong Kong democracy. The mainland Chinese government proposed a law that some American officials say erodes the autonomy of the region. As a result, the yuan has sunk, boosting Bitcoin’s opportunity to act as a hedge.
Central banks continue to print money to save the economy: To respond to the ongoing recession caused by the illness, central banks and governments have continued to print trillions upon trillions of dollars to bail out companies and individuals. Bitcoin’s scarcity allows it to appreciate over fiat money.
Featured Image from Shutterstock origin »
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Everyone can see the cryptocurrency markets aren’t heading in the right direction. Bitcoin is bleeding value once again, which automatically forces the rest of the markets to follow suit. With Ethereum dipping below $180 and Litecoin not sustaining $80, the remainder of the week looks rather bleak once again.
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Special thanks to Jinglan Wang for review and feedback
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Ethereum price has managed to break above $215 today for the first time since November, 2018, securing an 8. 09% gain. With the altcoin rally now underway, let’s take a look and see how likely the number two cryptocurrency will stay at this new psychological level during the rest of the week.
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Bitcoin price is consolidating above the $95,000 support zone. BTC must settle above the $100,000 level to start a fresh increase in the near term. Bitcoin started a fresh increase from the $94,200 zone.
Bitcoin price started a fresh upward move above $100,000. BTC is facing resistance at $103,000 and might aim for an upside break. Bitcoin started a decent upward move above the $100,000 zone. The price is trading below $103,200 and the 100 hourly Simple moving average.
Bitcoin price settled above the $100,500 resistance zone. BTC is consolidating gains and might aim for a fresh increase above the $105,000 zone. Bitcoin started a downside correction from the $106,800 zone.
Bitcoin price started a short-term downside correction from the $106,250 zone. BTC is consolidating above $100,000 and might aim for a fresh increase. Bitcoin started a downside correction from the $106,250 zone.