Crypto Market Analysis: Bitcoin Struggle to Reach $24,000 While Ethereum May Surge Beyond $1700 Soon
Bitcoin price after the recent recovery, surged finely to reclaim levels beyond $22,000 and continues to sustain at the moment
Alongside, the Ethereum price also soared high marking its highs above $1600 while the bullish momentum appears to continue for a long ahead
The crypto markets have risen above the recent price action, which drove the global market cap below $930 billion. However, the current price jump raised the market cap back above $1 trillion and also displayed the possibility of a continued bullish trend ahead. Despite the bulls having gained enough strength, they may still not raise the BTC price levels beyond $24,000. Besides, the Ethereum price may thrive and reach $1800 in the coming days.
Bitcoin, which was born out of anger at the banking system, recovered from the biggest US bank collapse since 2008 in just 3 days and is now trading back above $22,000. The price displayed a near-perfect retest of the 200-day MA levels and the downtrend line. The star crypto with the latest retest has achieved the initial target close to $22,400 but may certainly not rise above $24,000 so soon.
The BTC price has been stuck within the ascending triangle since the beginning of the year and has been facing rejections and rebounds frequently. Presently, the price has rebounded from the crucial support at the 200-day MA but may certainly not breach the upper resistance zone. It may maintain a consolidated trend within the triangle until it reaches the peak, then break above the consolidation and rise high.
Besides, Ethereum’s price has also been trading within a decisive phase and has rebounded nicely before testing the lower support of the symmetrical pennant. The strength of the bulls has paved the way for the second-largest token to remain self-assured about the upcoming rally. In a short while from now, the price may test the resistance of the triangle at $1666 and undergo a breakout to rise high.
Similar to Bitcoin, the Ethereum price has also sparked a rebound from the 200-day MA levels but not from the lower support of the triangle. Hence, the portability that the price surges through the resistance and marks interim highs beyond $1700 emerges. However, it may not hold above these levels for a longer time as market sentiment continues to remain neutral to bearish, which may impact the strength of the rally ahead.