Bitcoin (BTC), Ethereum (ETH), News, Price Analysis

Bitcoin (BTC) Rejected at $40K in a Diminishing Bullish Run

Briefly –

  • BTC has had a meteoric rise over the last 24 hours following news from the e-commerce giant Amazon.
  • Bears failed to push the coin above the massive resistance at $40K regardless of the upside moves that saw Bitcoin growing by 15%.

Ethereum, on the other hand, sees rejuvenation as the altcoin battels to break the price level at $2,500.

The crypto industry has seen rejuvenation over the past few days as unique fundamentals surfaced in the financial space. Keep in mind that the crypto market has struggled to accumulate bullishness over the past months. That is why the 8.65% global market capitalization rise to around $1.53 trillion means a lot to bullish investors. However, the next moves rely on ETH and BTC performance. If the two leading coins can maintain their current upside trends, the market will see new highs.

BTC’s Sudden Surge and a Concurrent Rejection

While writing this, the premier virtual coin hovers at $38,282.8. Data from CEX.IO suggest that the currency gained 9.84% due to the positive sentiments that surfaced in the crypto space over the previous sessions. The recent rumors that Amazon wants a cryptocurrency expert to aid the e-commerce platform in BTC payments account for the recent sudden growths.

With the institutional support from firms like MicroStrategy, Tesla, and SpaceX adding BTC activities, coupled with the Amazon speculations, crypto bulls stormed the market to take the leading crypto to its monthly and weekly high at $39,280.42.

BTC/USD 4-Hr Chart

According to the price chart, Bitcoin appears to attain the highest mark at its current level, indicating bearishness that prevents the coin from crossing the vital level at $40K. The MACD and RSI indicators remain positive, suggesting price growth. Though slight retracements are possible, overcoming the resistance at $40,000 is a near-term target for traders.

ETH Sustains Steady Upticks

Ethereum reiterated its BTC correlation after the 8.01% growth rate over the last 24 hours that saw the altcoin standing at $2,352.31. However, unlike BTC that sees slight bearishness, Ethereum bulls seem interested to explore new highs not seen over the last month.

As ETH trades over the near-term MA, increased buying actions might push the alternative asset towards $2,500 and $3,000 in the weeks to come.

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