BITCOIN AND ETHEREUM PRICES GATHER MOMENTUM, AS BTC PRICE CLOSES TO $25K
There seems to be high expectation and certainty as the world's largest and world most popular cryptocurrency, Bitcoin attempted a fresh price increase slightly above the $24,000 resistance zone. Bitcoin gained a steady increase to close to about $24,820 level of the 100 hourly simple moving average.
The price is currently trading above $24,000 with high indications that the price will continue to gather a strong lead against the US dollar. The price increase is the first since early June, as momentum continued from an expected US inflation data indicators, have shown.
Crypto has continued to struggle through the first quarter of the year, 2022. The federal reserve hiked rates to keep inflation in check. However, the fresh increase in price had kept hope high as there are strong indications in the trend line with support near $24,400 on the hourly chart from the BTC/USD pair. This spike in prices was even as high as $25,045 in the preceding week before a sizeable downsize correction to effect true prices. On the upside, any key resistance against the $24,800 level will see the price of Bitcoin near the $25,000 resistance zone which might also spike another increase. Any little increase in gains will push the price to the $26,200 level.
In the same vein, Ethereum prices gained an increase for a move above the $1,950 level after earlier breaking the $2,000 resistance point to move to a new positive zone. Any immediate resistance to near the $2,080 point mark, above which the price will likely increase to the $2,120 resistance mark. However, on the initial support zone of the $1,950 level, the price will likely slide downward as envisaged.
In a general and more comprehensive study of the cryptocurrency market. If BTC continues with the upward surge in price, there could be a move to the $25,800 point while Ethereum prices move to a positive zone of above $2,000.