Bitcoin and Other cryptocurrencies are on the rise, as data from on-chain indicates increased interest in futures markets. The world’s most valuable cryptocurrency has been on a winning run for the past two weeks after crossing the 40k mark. It is currently attempting to rekindle its historic ascent.
Since the 14th of March, BTC has gained over 26%, climbing from about $37,590 to $47,990. The bullish momentum has been bolstered by a surge in futures contracts and robust spot trading. It must, however, restore a necessary level of support in order to go further.
Bitcoin has crossed the 50 weeks price movement of $45,600 weekly after a weekend of significant increase. Now, the bulls must guarantee the coin maintains a price above this critical support mark in order to entice investors who are on the sidelines to reinvest in the crypto market.
BTC Heading For $55k
Unless the crypto market continues its current upward trajectory, Bitcoin will encounter another roadblock on its way to $55,000.
According to transaction data, over 1.84 million wallet addresses acquired about 1 million BTC at the cost of $49K. Given that the massive supply wall has the potential to withstand most of the current upward push, the $49k level is an obvious resistance point.
Also, the movement of Bitcoin is heavily influenced by the 50week price average of around $45,500, as there are no other essential support areas under it. By surpassing this critical interest zone, investors may experience panic, propelling the famous coin beyond $40k
Ethereum breached a major resistance level as whales went on a purchasing rampage. The next biggest crypto, according to market capitalization, has increased by over 16% in the last week, adding more than 500 points in valuation. Since purchasing pressure is increasing at an enormous speed, the upsurge may have the power to drive prices even higher.
According to Santiment’s on-chain statistics, more addresses are currently holding between 10K to 100K ETH. Since the 14th of March, around 35 additional whales have entered the network, indicating a 3% growth in a short time. These affluent market players amassed over 1 million Ether, worth over $3 billion.
This huge rise in upward momentum aided ETH’s breakout from the daily chart’s symmetrical triangle formed in January. According to this consolidating pattern, ETH might climb roughly 32% to meet a target price of $3,860.
Considering Ethereum’s historical volatility, a daily candlestick closing below $2,700 might disprove the bullish argument. Intense selling pressure may drive prices closer towards the next important support level, which is now located at around $2,500. Such market circumstances may tempt investors to liquidate their assets in order to avert additional losses.