BTC / USD
27,054.04
0.81%
(-220.33)
ETH / USD
1,890.57
0.85%
(-16.29)
XRP / USD
0.52
0.91%
(-0)
LTC / USD
95.99
0.87%
(+0.83)
EOS / USD
0.91
0.73%
(+0.01)
BCH / USD
114.76
0.14%
(-0.16)
ADA / USD
0.38
0.95%
(-0)
XLM / USD
0.09
0.38%
(-0)
NEO / USD
10.46
2.15%
(+0.22)
XEM / USD
0.03
0.03%
(0)
DASH / USD
42.52
0.61%
(-0.26)
USDT / USD
1.00
0%
(0)
BNB / USD
305.90
0.52%
(-1.6)
QTUM / USD
2.67
0.98%
(+0.03)
XVG / USD
0.00
0.61%
(-0)
ONT / USD
0.23
1.29%
(0)
ZEC / USD
32.23
0.19%
(+0.06)
STEEM / USD
0.18
0.71%
(0)

Bitcoin Struggles To Hold $40K While Crypto Track US Stocks

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Crypto is mirroring stock markets’ gains again today, with Wall Street’s sharp climb after opening higher likely to provide further impetus for Bitcoin. Last Friday, the crypto market saw a significant decline correlating US Indexes. 

Bitcoin and Ethereum, the major players in the crypto market, gained 2% in the past 24 hours. Both crypto combined capitalization reached nearly $1.2 trillion today, with total crypto market capital at $1.9 trillion. 

Related Reading | Ethereum Trades Below $3,000 Support, Why Is ETH Falling Since November?

The crypto markets see a broad recovery as equities continue their upward trajectory. The BTC/USD pair is trading above $40,000 while ETH/USD has gained ground close to the $3,000 resistance level. Both coins are gaining amid this positive trend for all assets.

The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite have all gone up today. The S&P 500 is up 2.3%, the Dow Jones Industrial Average is higher by 1.7%, and the Nasdaq Composite leads the upside with 2.8%. This happened as Asian and European stocks had good days before the US Federal Reserve’s 0.5% interest rate hike.

Bitcoin And Ethereum Still Look Bullish

The bitcoin price is holding well above $38,000, but it’s close to touching another key supply wall at $40,000. However, this could signify that the bulls still have some strength and may push higher soon.

After testing $39,926 Bitcoin is currently trading in red below $39,000 | Source: BTC/USD Chart from Tradingview.com

As per Altcoin Sherpa, a crypto trader and analyst, “the market structure looks bullish.” He further added;

As long as these lows are maintained and we still see higher lows, I think the bullish market structure is still intact. Still thinking 55k+ in the coming weeks.

While commenting on Ethereum prediction, Altcoin Sherpa said;

Unlike $BTC, ETH is still decently above its last lows and still has a bullish market structure (btc does too but its closer). Would like to see a higher low formed for #Ethereum. I think that it’s still at the mercy of BTC though, as always – if BTC tanks, so will ETH. 

Related Reading | TA: Bitcoin Key Indicators Suggest Strengthening Case For Decent Increase

“Bitcoin could go higher,” said Rekt Capital, one of the top crypto analysts. The analyst said;

Bullish Divergence on the 4-hourly is playing out. Key resistance in the very short-term will be this red area [above $40,300]. Turning it into support like in the previous yellow circle would be a bullish sign for trend continuation.

Bitcoin has been below its 100-day moving average for a few weeks. The price has been supported by $37,000 and the falling trendline. This has lessened the bearish momentum. The $37,000 mark has become an important support for Bitcoin. If it falls below that, the price might go down to $30,000.

 

           Featured image from Pixabay and chart from Tradingview.com

 

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