- Bitcoin has seen meteoric growth in the past 24 hours as fueled by news from Amazon.
- Despite the uptrend which stirred a growth of up to 15% in the latest run, the market bears rejected a push-up beyond the $40,000 resistance point.
- Ethereum is also seeing a rejuvenation as it looks to breach the $2,500 price level.
Unique fundamentals unraveled in the past days have stirred a rejuvenation in the cryptocurrency industry. For a market that has been begging for a bullish awakening in months, the 8.65% in the global crypto market cap to $1.53 Trillion is perhaps enough to suggest a major rally may be brewing. This, however, is dependent on how Bitcoin and Ethereum can sustain their current growth trends.
Bitcoin Sees Impressive Price Growth and a Simultaneous Rejection
The premier cryptocurrency is currently changing hands at $38,282.8, up 9.84% according to data from CEX.IO the price feed. The news that Amazon is looking to hire a crypto expert to help chart its pursuit of accepting Bitcoin payments can be tipped as a major cause for this recent growth.
With the institutional backing which has seen the likes of Tesla, MicroStrategy, and recently SpaceX places a Bitcoin holding on their balance sheets set to be complemented with the Amazon push, market bulls went on an unbridled accumulation, pushing the price to a weekly and monthly high of $39,280.42.
The uptrend as seen on the BTC/USD 4h chart is attaining the peak at the current price level, suggesting a bear action that is repressing the price growth from crossing the $40,000. The RSI and MACD indicators are still showing positive signs of growth, and while we may see a little retracement, crossing the $40,000 resistance point remains the short-term target for investors.
Ethereum Maintaining a Steady Growth
At a current price of $2352.31 and a growth rate of 8.01% in the past 24 hours, Ethereum’s uptrend correlation with BTC was reiterated. However, unlike Bitcoin which has started seeing a gradual bear action, Ethereum bulls are pushing the coin to a new price point, such as has never be seen in the past month.
With prices trading above the short-term Moving Average, a sustained buyup can push Ethereum to the $2,500 to $3,000 price level in the coming weeks.