Bitcoin bulls trample again: BTC rises above $54,000 – $60k now possible?
Bitcoin and Ethereum, the world’s largest cryptocurrencies by market capitalisation, had a mixed day on Monday as prices fluctuated in a narrow range. Overnight, however, the coins have shown tremendous signs of strength.
Bitcoin rises above $54,000
According to trading data, BTC traded in a range between $49,000 and $51,000 this morning, then recorded a daily low of $49,316 in the afternoon and a daily high of $51,300 in the evening. And overnight, BTC broke through resistance in the $51,000-$51,200 range and rose to as high as $54,400.
As the image above shows, Bitcoin is trading above Crowd Millionaire its 34-period moving average – a tool used by traders to determine the market trend. However, IntoTheBlock’s on-chain sentiment data indicates a „bearish“, suggesting a decline in prices.
The two indicators together suggest that the market could return to choppy trading.
Fundamentally, however, Bitcoin remains in a strong position. This morning, Kjell Inge Rokke, a Norwegian billionaire and founder of oil company Aker ASA, invested over $59 million in BTC.
He believes Bitcoin (to buy Bitcoin at eToro guide) could one day become „the core of a new monetary architecture“ and predicted its price will reach „millions of dollars,“ but warned that it could all „still go to zero.“
Ethereum upgrade pushes prices above $1,800
Ethereum, powered by the EIP-1559 catalyst, saw a range of $150 and traded between the $1,600-$1,750 price levels. It saw a low of $1,666 in the early afternoon and a high of $1,752 in the evening, only to crash to the current level of $1,727 in the US morning hours.
Then here too: the massive overnight rise to as high as $1,855. Currently ETH is trading at $1,835.
As the picture below shows, ETH is still in a strong uptrend (since $1,500) and trading above its 34-period moving average. It saw selling at the $1,750 level but was caught by traders at the $1,720 level in US hours.
Aside from the strong fundamental narrative of EIP-1559, Ethereum saw an institutional push over the weekend. Meitu, a Hong Kong-listed Chinese company, said it raised over $22 million worth of ETH (to buy Ethereum with Paypal guide) on Friday (and $17 million worth of Bitcoin) through a portion of its treasury funds.
According to Meitu, the assets are a better place to store value than cash – the future outlook for both is positive.