After spending most of Friday in the negatives, a late-night spike saw the price of Bitcoin break the $42,000 resistance. This is the highest the price has gone since mid-May, 2021.
However, this rapid momentum is being trailed by bearish movements, giving fears that a retracement is imminent later tonight.
On the other hand, Ethereum has remained bearish for most of today. Despite crossing the $2,400 price mark, attempts to break the $2,500 mark were rejected. Analysts believe the price may retrace lower for the next 24 hours.
Analysis of the cryptocurrency market over the last 24 hours shows that Bitcoin accumulated roughly 7.63% profit and Ethereum gained about 5%. Dogecoin gained about 4.85%, making it rank among the top performers.
The price movement of Bitcoin and Ethereum in the last 24 hours: Bitcoin, Ethereum trades above $42,000, $2,400 respectively
In the last 24 hours, BTC/USD traded in a range of $38,747.48 — $42,235.55 with a trading volume of $35.5 billion, representing a 23.5% increase. The Total Market Cap. stands at $779.75 billion. However, the trading range depicts strong volatility.
ETH/USD showed mild volatility after trading at a range of $2,329.33 — $2,479.85. While trading volume remained low at $18. 85 billion, Market Capitalization and dominance stand around $287.5 billion, and 17.7%, respectively.
Let’s quickly analyze the BTC/USD and ETH/USD 4-hour chart…
4-hour chart BTC/USD
A close look at the 4-hour chart shows Bitcoin has rejected upward price movement above $42,000 despite the strong overnight spike. The chart shows a downward retracement. Bitcoin price action has witnessed bullish pressure in the last week.
While analysts predicted the price to remain at $29,000 or below, Bitcoin rallied to about $39,000, giving bulls the impression an upside movement was to be expected.
Though we see a retracement playing out, higher low movements could push the BTC/USD price higher but a low higher could see the price retracing below $38,000.
The 4-hour chart of ETH/USD
As we can see in the chart, the bulls seem to be relaxed or exhausted as Ethereum’s upward movement was not so great. In the last few days, ETH has slightly traded above $2,400 after the upward spike from $1,725.
Though we expect further retracements, a higher low will push the price of ETH higher. This may result in the break of the $2,600 resistance.
In Conclusion…
- Defi Planet wishes to state that prices of BTC and ETH are determined by market forces, hence this should not be considered as trading advice.
