Cryptocurrency market update: Bitcoin zooms above $4,000 pulling Ethereum with it
|- Bitcoin has been on an upward trajectory since March 12 when it found support at $3,800.
- Bitcoin bulls are working hard to form support above $4,000.
- ETH/USD is supported by both the 50 SMA and the 100 SMA 1-hour.
A glance at the market on Thursday day shows that bears are still in control. However, for a few selected digital assets, there are signs of bullish momentum continuing to form. Bitcoin, for instance, is trending higher 0.06% on the day after rising above yesterday’s barrier at $4,000. Another crypto that is dancing in the green in the green is Ethereum Classic (ETC) having corrected higher 1.85% on the day.
Bitcoin has been on an upward trajectory since March 12 when it found support at $3,800. This is not to say that the ride has been a smooth one. Last week Bitcoin struggled and broke past $4,000 but failed to make any significant movement above $4,040. As a result, the trend reversed to the current short-term support at $3,960. In the last three days, the bulls have been pushing for another correction. Their efforts were rewarded during the Asian trading session today where BTC/USD cleared the stubborn $4,000 zone. Highs were formed at $4,040 (initial resistance) and Bitcoin has corrected to the current value at $4,032.91. The bulls are working hard to form support above $4,000 in order to gather strength to attack the medium-term hurdle $4,200.
Ethereum, on the other hand, reacted alongside Bitcoin rise above $4,000 breaking the resistance at $140. After trading highs around $140.72, the crypto is flirting with the 61.8% Fib level 1-hour at $140.08. Bullish momentum has slowed down but indicators like the RSI and the MACD show that the sideways trading is taking over. Besides, ETH/USD is supported by both the 50 SMA and the 100 SMA 1-hour. Other support levels to look out for are $138.00, $132 and $129.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.