Bitcoin is back in a fragile position following another gruelling rejection from the $10,450 level of resistance on June 2nd. ETH prices still show signs for a bullish trend.
The number one ranked cryptocurrency is trading at around $9800 and continues to move as part of the growth and bullish channel. In fact, moving averages on daily charts indicate a short-term bullish trend for BTC.
Bitcoin prices are lingering between the lines that show high buying pressure from bitcoin investors. This is a clear indication of a potential continuous rise of its value.
Looking ahead, analysts predict an attempt to test the support level near the area of ​​$9565. And then, the king cryptocurrency will likely continue to grow in the coming week with a potential target at $10700.
More Bullish News for Bitcoin
A recently released Bloomberg report highlights that BTC could retest its record high results from 2017.
The report suggests that recent events, notably the outbreak of COVID-19 a few months ago have fast-tracked BTC’s maturation as widely used currency, showing its strength as a safe-haven asset amidst declining global stocks and rising inflation. Additionally, the report indicates an ever-increasing appetite of institutional investors, in particular Grayscale (GBTC), which has purchased approximately 25% of new bitcoin supply.
In conclusion, Bloomberg analysts argue that “something must go really bad” so that bitcoin does not grow in coming months, even predicting that BTC prices could reach the $20k high witnessed in 2017.
Ethereum in a Battle with $250
Ethereum has recovered from the massive drop on Tuesday and is trading around $245 at the time of writing. This indicates pressure from buyers and the potential continuation of growth.
Moving averages on eth trading charts now point toward the presence of a short-term bullish trend for the second-ranked crypto-asset. Moreover, indicators show that a break above the $250 level could potentially push ETH prices back to the 2020 high at $287.
At the moment, we should expect an attempt to reduce the value of the coin and test the support level near the area of $ ​​225. After this downward price movement, we should expect a rebound and continued growth of the eth rate with a potential target above the level of $285.
Author’s Thoughts
The past few days have been pretty volatile for bitcoin and other cryptocurrencies. After the king crypto surged to near highs of $10.5K, it saw an abrupt drop back below the same critical trend-line.
While higher time frames continue to look bullish for BTC in light of the recent halving event, it looks like the number one crypto will first test lower levels before cycling back to the upside.
On the other hand, eth can be expected to continue further higher if the bullish pressure continues to push eth above 0.0255 BTC.
