Cryptocurrency market update: Bitcoin and Ethereum fly the bullish flag high – BTC next stop $15k


  • Cryptocurrencies fresh surge adds $7 billion to the market cap on Tuesday.
  • Technical levels and indicators suggest that Bitcoin cemented its position above $11,000.
  • Ethereum must clear the resistance at $320 to be able to focus on higher levels towards $400.

The cryptocurrency market recently zoomed above $300 billion in capitalization. The capitalization continues to balloon amid rising interest in cryptocurrencies following the bullish recovery phase from last weekend. In fact, $7 billion has been added to the crypto market on Tuesday from $329 at the close of the session yesterday to the current $336 billion.

Bitcoin is trending 2.74% higher today from a low of $11,001.47 to the current value of $11,329. With a newly established higher support at $10,400 - $10,500, the bulls have increased confidence in the uptrend. Technical levels and indicators suggest that Bitcoin cemented its position above $11,000. For now, immediate resistance lies at $10,400 but a break above $12,000 will market the beginning of a new journey towards $15,000.

BTC/USD 4-h chart

Ethereum, on the other, has been the best performing altcoin since Bitcoin’s recent surge. It is clear that ETH price correlation with Bitcoin is larger than ever. The surge that sent Bitcoin above $10,000 barrier resulted in Ethereum’s jump above $300. As Bitcoin formed new 2019 highs, ETH/USD also achieved new yearly highs around $326.

At the moment, Ethereum is trading at $313 after correcting from yesterday’s low $294.78. The price is above both the 50 Simple Moving Average (SMA) and the 100 SMA in addition to a new uptrend that has started respecting a new short-term ascending trendline. Ethereum must clear the resistance at $320 to be able to focus on higher levels towards $400.

ETH/USD 15-mins chart

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin adoption accelerates as coiling prices hint at explosive rally

Bitcoin price faces a stiff resistance wall that has prevented weak bullish momentum from passing through. As a result, a short-lived retracement has caused a majority of the market to follow suit despite BTC’s raging adoption and interest from institutions over the past week.

More Bitcoin News

DOGE’s bullish potential appears limited amid overbought conditions

DOGE/USD eyes $0.80 amid a descending triangle breakout on the 4H chart. Overbought RSI remains a cause for concern for the DOGE bulls. Elon Musk’s Saturday Night Live appearance waited for fresh impetus.

More Dogecoin News

Ripple epitomizes relative strength, portends higher prices

XRP price confidence weakens slightly as breakout from bullish base falters. XRP/BTC pair has gained over 300% in the last eight weeks. Ongoing SEC case and the documentation production battles cast a wide shadow.

More Ripple News

Litecoin price enjoys steady uptrend, but beware of LTC warning signs

Litecoin price closes with a Doji candlestick, indicating an interruption in the trend. Significant Fibonacci level restraining rally from reaching the all-time high. Litecoin price on pace to close with fourth-largest weekly gain since September 2020 low.

More Litecoin News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP