Bitcoin beats out final resistance as Ethereum returns to $2K

Bitcoin

Bitcoin (BTC) briefly hit $60,000 on April 2 in the latest installment of its slow grind back to all-time highs.

BTC/USD 1-hour candle chart (Bitstamp). Source: Tradingview

BTC price taps $60,000

Cointelegraph Markets Pro and TradingView showed bullish tendencies remaining overnight for BTC/USD, with local highs of $60,110 on Bitstamp.

A correction brought the pair down nearer to $59,000, circling $59,500 at the time of writing. 

The sustained higher levels mean that Bitcoin has effectively canceled out the flash crash from earlier this week, while still continuing to trade in a defined corridor.

For popular trader Crypto Ed, the outlook was for $60,000 to disappear as resistance based on fading selling pressure on exchanges. Higher than $70,000, however, may have to wait longer.

“I mentioned BTC target $73k and ETH $2300,” he wrote on Friday.

“From what I see now, ETH is on track. BTC not convinced yet it will reach that target in this cycle but I do think we’ll see a strong push above 60k (soonish).”

Others are more optimistic, with short-term estimates including $68,000 and $73,000 and 2021 targets exceeding $288,000.

BTC/USDT buy and sell levels (Binance) as of April 2. Source: Material Indicators

“The ~$57,500 area rejected BTC in February. But it looks like BTC turned this exact same level into support a couple of days ago,” fellow Twitter trader Rekt Capital added.

“Now it’s about follow-through from here. And we’re seeing some follow-through today.”

Ether at $5,000 “inevitable”

Crypto Ed touching on Ether (ETH) comes as the largest altcoin by market cap touched $2,000 for the first time since Feb. 20.

After dipping in line with Bitcoin price action, ETH/USD returned to form over the past week, seeing almost constant higher highs on daily timeframes to near its historic record of roughly $2,040.

ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView

As Cointelegraph reported, price targets for Ether are now more bullish than ever, and include $2,600 next, with $5,000 and even $10,000 in play.

The amount of ETH held by exchanges, like BTC, has been dropping sharply this year.

ETH exchange reserves vs. ETH/USD. Source: CryptoQuant

Articles You May Like

92% of millennial homebuyers say inflation has impacted their purchase plans, but most are plowing ahead anyway, study shows
More detail on what exactly caused NYSE’s trading glitch on Tuesday
Stocks making the biggest moves midday: Carvana, Colgate-Palmolive, Tesla and more
Stocks making the biggest moves premarket: Intel, Chevron, American Express, Silvergate and more
Top Wall Street analysts like these stocks for maximum returns