Bitcoin (BTC) and Ethereum (ETH) have seen significant price surges in the last seven days, with Bitcoin soaring by more than 35% and Ethereum by more than 25%. This boost in the crypto market has sparked the interest of investors, who want to know how far these cryptocurrencies can go.
The considerable increase in the value of Bitcoin can be attributed to actions aimed at improving the financial system. Moreover, increased investor optimism in the potential of the US decreasing interest rates later this year has also played a role in supporting Bitcoin’s gains.
Ethereum, ranked as the second-biggest cryptocurrency in terms of market capitalization, has witnessed a substantial rise in its value. Presently, it is being traded at $1,809.90, with a 24-hour trading volume amounting to $12,940,582,584. This upswing in ETH’s price indicates a bullish trend in the cryptocurrency market.
As of now in 2023, Bitcoin’s value has increased by an impressive 55%, which is quite a feat for such a short time. The current global crypto market capitalization has reached $1.17 trillion, which shows a 5.41% increase from the previous day.
After a brief consolidation of around $26,500, Bitcoin’s price has experienced a sharp drop, leading to a short-term negative trend since it fell below the $25,000 and $25,500 support levels.
On Saturday, the BTC/USD pair is trading with a strong bullish bias and is encountering immediate resistance near the $27,750 level. Should there be a bullish breakout above the $27,750 level, it could propel the Bitcoin price toward the $30,750 milestone.
However, if it fails to surpass the $27,750 level, a sell-off may occur, potentially pushing the price down to $25,200 or even $23,020.
On Saturday, the ETH/USD pair is trading with a strong bullish bias, as it has formed bullish engulfing candles which are supporting a buying trend. On the upside, the ETH/USD pair has surpassed the 1,795 level and is likely to face immediate resistance at the $1,900 mark.
On the lower side, the ETH/USD pair is likely to gain immediate support at either the $1,700 or $1,620 level.
This article was originally published by CryptoNews.