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According to information released by the cryptocurrency analytics tool "Santiment," BTC has risen by 10%. On the other hand, ETH has surged by 14.7%, while the Standard & Poor's 500 Index (a weighted index of the top 500 publicly traded companies in the United States) has seen a modest increase of 0.5%.
This stance may confirm the bullish market for cryptocurrencies as the correlation with traditional assets continues to diverge. In addition to the weekly performance, Coin Edition also examines the changes in assets over the past 24 hours.
Despite a pullback to $68,389, Bitcoin's 24-hour performance still shows a rise of 2.17%. ETH has also dropped to $3,928 but maintains a gain of 1.14%. However, the Standard & Poor's 500 Index is not following the same trend, experiencing a 0.65% decline during the same period.
**Bitcoin (BTC):**
After reaching $69,000 on the 5th of the month and plummeting to $61,289 due to market volatility, Bitcoin's price has experienced a sharp increase once again. This recent drop did not prevent the overall upward trend for the week. As anticipated, traders took advantage of the dip to buy at lower levels.
By June 6th, Bitcoin returned to above $67,000, indicating active buying by market participants. Looking at the BTC/USD 4-hour chart, the bulls are attempting to push the price higher.
However, the resistance level at $69,055 has proven to be a stumbling block. If the bulls can hold the support level at $65,744 and break through the aforementioned resistance, BTC might set a new all-time high.
If successful, this move could push Bitcoin's price to $72,000 in the short term. Meanwhile, the Relative Strength Index (RSI) reading remains at 60.84, indicating a decrease in buying momentum.
If the momentum continues to decline, Bitcoin may experience a correction, potentially falling below $63,000. On the other hand, if the bulls can hold the level at $65,744, a mid-term rebound to $80,000 might be possible.
**Ethereum (ETH):**
ETH eventually succumbed to the $3,781 price prediction on May 8, but subsequently fell below that prediction. However, before this, high selling pressure had already pulled the price down from $3,377 to $3,960. At the time of writing, resistance above $4,000 seems to be preventing the altcoin from retesting $4,000.
In addition, the Super Trend indicator issued a buy signal at $3,659. Therefore, if the bears successfully lower the price of ETH, it might be a good entry point. However, despite the rise, no sell signals have emerged.
Therefore, if the uptrend is not stopped, ETH may rise to the $4,200 level. Like BTC, the RSI also indicates a flaw in the bullish momentum. If the momentum weakens, ETH may face the risk of a pullback. |
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Post time 18-3-2024 08:12:05