The cryptocurrency market has outperformed recent price moves, with global market capitalization below $930 billion. However, the current rally has pushed the market capitalization past his $1 trillion mark, indicating that the bullish trend may continue. Even though the bulls are getting strong enough, BTC price level may not break above $24,000. Moreover, the price of Ethereum may rise and reach $1800 in the next few days.
Born out of anger at the banking system, Bitcoin is now trading above $22,000 after recovering in just three days from the biggest US banking collapse since 2008. The price has shown a near perfect retest of the 200-day moving average levels and the downtrend line. The latest retested star crypto hit his initial target of nearly $22,400, but he won’t be above $24,000 anytime soon.
BTC’s price has been stuck in an ascending triangle since the beginning of the year, facing frequent rejections and pullbacks. The price is currently bouncing off the critical support of the 200-day moving average, but certainly won’t be able to break out of the upper resistance zone. It may maintain a consolidated trend within the triangle until it reaches a peak, then rise above the consolidation.
What’s more, Ethereum’s price is also trading in a decisive stage, rebounding nicely before testing the symmetrical pennant’s low support. opened the way to continue to have Some time from now, the price will test the triangle resistance at $1666 and break out to highs.
Similar to Bitcoin, Ethereum’s price also triggered a rebound from the 200-day MA level, but not from the triangle’s low support. Portability therefore emerges as the price surges through resistance and marks provisional highs above $1700. It may not hold up for long and may affect the strength of future uptrends.