Cryptocurrency market update: Ethereum leads market recovery, Bitcoin blasts past $4,000
|- Cryptocurrency market closes in on $140 billion during a fruitful weekend session.
- Bitcoin corrects above $4,000, although the upside is limited under $4,100.
- Ethereum is the market leader; tests $170 on the upside.
The weekend trading has been a fruitful one. Bitcoin not only came out of a bear range, but it also rocketed past the medium-term resistance at $4,000. As discussed earlier in the Bitcoin price analysis, the bulls are not done yet and BTC/USD is poised for a further movement that could reclaim position above $4,200 for the first time in 2019.
Majority of experts in the industry say that Bitcoin has already reached its bottom and that it is waiting for support for it to stage a bull rally. However, a few industry players believe that the bear trend is still on but coming to an end soon.
The entire cryptocurrency market performed relatively well over the last weekend where the market cap valued increased significantly from $129 billion to $138 billion. However, there has been a correction with assets losing at least $1 billion as per the data on CoinMarketCap on Monday. Altcoins continue to fight for their position in the market but Bitcoin dominance is still more than half of the market value, 5106%.
Bitcoin price technical picture
As mentioned above, Bitcoin is holding ground above $4,000 after it broke the psychological level. The upside has been limited below $4,100. However, another breakout still lingers according to the technical indicators like the stochastic. The 21-day hourly Simple Moving Average (SMA) is above the longer term 50-day SMA to show that the bulls are in control. Meanwhile, short-term support has been formed at $4,020 in addition to the stronger support zones at $4,000 and $3,900.
BTC/USD 1-hour chart
Ethereum technical picture
Ethereum has been a market leader since the new year started. It began by reclaiming its position as the largest altcoin. In addition to that, it overcame the resistance at $150 before zooming above $160. Ethereum has also tested $170 to the upside but has corrected lower ‘to change hands at $159 at the time of press. The 50-day SMA is limiting gains immediately above the current value. A correction above $160 will pave the way for a move towards $170. On the other hand, support will be provided by the 100-day SMA (1-hour range) and at $150. Other support zones include $140 and $110 respectively.
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