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Bitcoin and Ethereum Begin Week on a Bullish Trend, Altcoins Price Continue Surging

Umair Younas by Umair Younas
June 22, 2020 - 6:58 pm
in bitcoin news, ethereum news
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BTC Heads Towards $9,000 Pushing the Crypto Market to Bearish Trends
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After weeks of uncertainty, major crypto coin Bitcoin and Ethereum have kicked off the week on a high note following a bullish weekend amidst fears of a second wave of the coronavirus. Bitcoin was trading at $9, 375 on Sunday and has since gained 0.78% to trade at $ 9,778 at the time of writing. 

Ethereum has gone up by 0.18%, breaking the $240 resistance level to now trade at $243.22 at the time of writing. It’s also a positive start to the week in regards to major altcoins, including Litecoin, Stellar’s Lumen, Bitcoin Cash, Binance Coin, and Tron’s TRX, which have all recorded a significant price increase. 

Bitcoin Breaks the $9600 Resistance Level  

Following a week without a significant price increase, Bitcoin has consolidated past the $9600 resistance level following increased buying activities, particularly during the Asian trading session. After breaking the USD 9600 resistance level, Bitcoin now eyes the $10, 100 resistance level with the possibility of the price rallying upwards towards the $11, 600 area once this resistance area is broken. 

However, Bitcoin analysts are predicting a short-term bullish trend with increased volatility, which could mean doom for most intraday traders. The coin may experience a hard time rising as signaled by the intraday RSI, which is flat close to the overbought area. Nonetheless, with a leveraged futures option, investors can cushion themselves from intense volatility. 

All in all, this week will be a crucial moment for Bitcoin to establish a clear price trend and avert sideways consolidation. As of now, the upward resistance zone is between $10, 500 and $11,000. There is also a huge chance of an upward price consolidation near the resistance zone ending with an upward break-just like it did this time.  

Ethereum Bulls 

Ethereum ended last week on a bearish trend and fell by 0.43% on Sunday before ending the week down by 1.53% to $227.81. Ethereum started the day on a bullish trend recording an early morning intraday of $235.29. The price then slid to a late intraday low of $232.00 before rising again to $244.22 at the time of writing.   

After breaking the $240 resistance level, Ethereum is now eyeing the $250 and $255 resistance zone. If the trend continues as witnessed today, Ethereum could easily hit $250 by the end of this week. xrKhmePwITugtzedUbjnmvKKuVtFUjlMdnzvhghoIxLPbISpFJTdcHsbVdBuHgmviFllljRRKOyXfrXKgzudagelBbpsknTHlLTmuaTPHonSBQARIg

As Ethereum and Bitcoin price surge, altcoins have also taken a similar trend with Litecoin, Stellar’s Lumen, TRX, BCH, BNB, and EOS all on a bearish trend. As the week commences, the crypto market seems to be gathering an upward momentum pointing at good things to come. 

Tags: BTCETH
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Umair Younas

Umair Younas

Umair Younas is a cryptocurrency-related content writer linked with this work since 2019. Here, at Blockchainreporter, he serves as a news and article writer. He is a crypto, blockchain, NFTs, DeFi, and FinTech enthusiast. He has strong command over writing authentic reviews about brokers and exchanges and he has collaborated with our education team to write educational content as well. He has a dream to raise awareness among people about digital currencies. His works are well-researched and brimmed with information hence they provide fresh insights. Stay tuned to his posts if you want to stay up-to-date with the crypto-verse.

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