Recently, the two dominant cryptocurrencies, Bitcoin and Ethereum, have again attracted market attention. Bitcoin prices have risen rapidly, breaking through multiple resistance levels, indicating that they may hit a high of $70,000. At the same time, Ethereum has also shown strong upward momentum, gradually climbing above $3,400 and showing signs of continued bullishness. The performance of both has excited investors, and the market is once again filled with optimism.
Bitcoin intraday analysis
Bitcoin price is experiencing significant volatility and could continue to climb upwards to $70,000. Currently, Bitcoin price has surpassed $62,000 and is consolidating this gain and will likely attempt to break through the resistance again soon and climb further to $64,000.
Previously, the price of Bitcoin was
There was a gain consolidation below the $60,000 resistance area. Currently, it is trading above $60,500 and the 100 hourly simple moving average.
On the hourly chart of the currency pair, a connecting rising trend line has formed with support at $60,950 (data from
Kraken). The pair is expected to continue its current gains until it breaks the $64,000 resistance.
Bitcoin price has risen by more than $5,000 and is performing strongly above the $58,000 resistance zone. BTC has established a new support base and started another rally with gains of more than 10%, successfully breaking through multiple barriers near $60,000 and $62,000.
The price even surged to $64,000 before a sharp decline following the Coinbase outage brought the price back to the $58,000 support area. However, the price subsequently hit a low near $57,919 and started a new uptrend to regain control above the $60,000 resistance level.
Bitcoin is currently trading above
$60,000 and the 100 hourly simple moving average. There is still a connecting rising trend line forming with support at $60,950 on the hourly chart of the BTC/USD pair.
The immediate resistance is near $62,500, which is close to 76.4% of the downside from the $64,000 swing high to $57,919 low.
Fibonacci retracement level. The next key resistance could be $64,000, once this resistance is crossed, the price could move towards $65,000.
The US dollar resistance zone. If the bulls continue to move, the price may even break through $65,000 and test $66,400. However, the main hurdle they face is at $68,000.
USD area.
In terms of technical indicators:
The hourly MACD is currently in the bullish zone and is accelerating upwards.
The hourly RSI (Relative Strength Index) shows that the RSI for BTC/USD is currently above the 50 level.
The main support level is $60,800, followed by $60,000. The main resistance levels include $62,500, $64,000, and $65,000.
Ethereum intraday analysis
Ethereum price is gearing up for another bullish rally as key support levels remain strong, with the cryptocurrency expected to break above $3,400 and set new multi-month highs. Similar to Bitcoin, Ethereum is currently going through a period of consolidation and appears ready for the next leg higher.
Ethereum price has broken through
The price is currently trading above the $3,350 level and the 100 hourly simple moving average.
On the hourly chart, a significant uptrend line is forming with support at $3,250 (data from Kraken). Although there could be a pullback, the decline is expected to be limited to $3,250.
Below the support area of the US dollar.
Ethereum price continues to rise and has been in a bullish state since it broke through the key $3,000 price level. Like Bitcoin, Ethereum is also showing strength at the $60,000 Bitcoin resistance level. The price has broken through the $3,320 resistance level with a gain of more than 10%.
The price even tested
The market moved above the $3,500 level and hit a multi-month high near $3,496. A pullback ensued, but the lows were still above $3,111.
The price is currently attempting a fresh increase against the US Dollar. The price is currently still above 23.6% of the upward wave from the $3,111 swing low to $3,465 high.
Fibonacci retracement levels.
Ethereum is currently trading above
$3,350 and the 100 hourly simple moving average. There is still a key rising trend line forming with support at $3,250 on the hourly chart of ETH/USD.
USD. This trend line is close to the 61.8% Fibonacci retracement level of the upward wave from the $3,111 swing low to $3,465 high.
An immediate resistance on the upside is near the $3,450 level and the first major resistance is near the $3,500 level. If the $3,550 resistance is broken, Ethereum price might even rally towards the $3,680 resistance level. In case of further gains, a test of the $3,800 level is likely.
If Ethereum fails to breakout
The $3,450 resistance level is likely to see a downside correction. An initial support on the downside is near the $3,380 level and the first major support is at $3,285.
The next key support is likely to be around the $3,250 area and the trend line. If the price clearly breaks below the $3,250 support, it could fall further to $3,120.
On more losses, the price could slide towards the $3,050 level.
Technical indicators:
The hourly MACD shows that the MACD for ETH/USD is in the bullish zone and showing momentum.
The hourly RSI shows that the RSI for ETH/USD is currently above the 50 level.
The main support level is $3,285 and the main resistance level is $3,450.
Summarize
As the two leaders of the digital currency market, Bitcoin and Ethereum have once again proved their dominance in the field of cryptocurrency. From the perspective of technical indicators and market performance, both show a strong upward trend, indicating that more gains may be coming. However, investors also need to be wary of possible downward corrections, but overall, the performance of Bitcoin and Ethereum is full of confidence, bringing new vitality and opportunities to the digital currency market. #BTC #Portal $BTC $ETH $SOL
