Bitcoin beats out final resistance as Ethereum returns to $2K
The two largest cryptocurrencies revisit significant price levels with sellers rapidly disappearing from exchange orderbooks.
Bitcoin (BTC) briefly hit $60,000 on April 2 in the latest installment of its slow grind back to all-time highs.
BTC price taps $60,000
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.
“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.
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.
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Author: William Suberg