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Bitcoin and Ethereum price analysis and trend

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The momentum of the market and criptovalute is in the hands of bulls bitcoin that are able to push the BTC price higher for 8 consecutive days.

The following chart from VincePrince highlights the accumulation of BTC on this Wyckoff scheme and the obvious sign of strength that bitcoin is showing. The recent liquidation of short positions is another sign that the market has potentially found a bottom. This is obviously bullish for traders, but the bulls and bears tug-of-war at $ 40k continues to progress. 

On the other side of the coin, the bears are still managing to keep the BTC price below the important $ 40k- $ 42k levels on several time scales at the time of writing – this is reason for some optimism on their part. 

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The Fear and Greed Index is a popular metric for bitcoin enthusiasts to analyze market sentiment, today’s reading is 50 – the same as yesterday.

The 24-hour BTC price range is $ 38,803- $ 40,900 and the 7-day range is $ 31,920- $ 40,900. The 30-day average price of bitcoin is $ 34,001. 

Bitcoin [+ 1.11%] closed the daily candle on Wednesday at $ 40,004. The last time bitcoin closed 8 consecutive daily green candles before Wednesday was June 19-26, 2019.

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Ethereum 

Ethereum is climbing towards the top of its range around $ 2,500- $ 2,600 depending on the time scale. 

With EIP-1559 going live in just 52,381 blocks at the time of writing, the market could expect further hype for Ether this summer. 

What is the current configuration of Ether for the conclusion of the work week?

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Ether is back above the 50MA at the time of writing – the bulls have been able to reclaim this important moving average and will also be looking to close above it on a weekly scale.

The Ether bears are trying not to give too much ground and keep the price below $ 2,500- $ 2,600. 

As can be seen in the chart above, $ 2,580 is basically the center of the current trading range – above this level the bulls will be bullish for now. 

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The 24-day range of ETH is $ 2,243- $ 2,344 and the 7-day range is $ 1,968- $ 2,383. The 30-day median price of Ether is $ 2,017. 

Ether [-.08%] closed the daily candle on Wednesday at a value of $ 2,299 and broke a series of 7 consecutive days of green daily closes.

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Bitcoin

Bitcoin Drops as China Declares Crypto-Businesses Illegal

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  • China declared that cryptocurrency-related businesses are illegal
  • Bitcoin, Ether, and stablecoin Tether do not qualify as legal tender in China
  • BTC drops in price as the announcement went out

Once again, China reiterated its antagonistic stance on Bitcoin and the cryptocurrency industry as a whole.

In an announcement, the People’s Bank of China (PBOC) mentioned that BTC, ETH, and USDT are not legal tenders in China. They added that these cannot be used in the currency market.

Additionally, the central bank deemed all crypto-related businesses as illegal. This includes overseas exchanges serving residents within China and derivative transactions.

Following the news, Bitcoin’s price fell by almost $2,000 as the news circulated. This has been a common pattern whenever China FUD comes out.

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Earlier, China also reiterated its stance on crypto trading and mining while testing the Digital Yuan. According to the PBOC, it will continue releasing regulatory pressure over the crypto trading industry.

Despite the negative news, many analysts remain bullish on Bitcoin and the cryptocurrency industry as a whole. According to analyst Lark Davis, this is not new and will happen again in the future.

In a tweet, Davis mentioned that “The year is 2025, #bitcoin has just corrected from 400k to 250k on China banning BTC fears.”

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Can Bitcoin Surpass $6,000,000? Ethereum and Polkadot Creator Details Possible Future of Crypto

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Early Bitcoin developer and co-founder of Ethereum and Polkadot, Gavin Andresen, is outlining a future where BTC rises to a staggering $6,000,000 per coin.

Gavin Andresen, who took over as Bitcoin’s lead maintainer from founder Satoshi Nakamoto in 2011, just published a new blog post detailing how BTC’s theoretical evolution could look.

Andresen describes a “possible” scenario where Bitcoin hits a price tag of $6,000,000 by 2061, transaction fees 326x higher than they are now, and the blockchain is used chiefly by whales.

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“Imagine: it is the year 2061. The BTC price is six million US dollars – equal to about a million 2021 dollars because of inflation.

Miners are being rewarded 0.006103515625 BTC per block, plus transaction fees of about 5 BTC for 4,000 or so transactions ($7,500 per transaction).

But most BTC transactions don’t happen on the BTC network. Most BTC is locked up in multi-signature outputs secured using multiparty computation and mirrored on another chain as ‘wrapped’ tokens.”

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In his scifi scenario, Andresen says those who do remain on Bitcoin’s network will be incentivized to keep it alive.

“The transactions that do occur on the main BTC network are high-value, mostly between super-whale-size holders…

These whales maintain the BTC network forever. They are the miners and the transaction creators; they don’t care how high transaction fees go, because they receive as many fees as they pay.”

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However, Andresen says that by 2100, even those users would likely leave the blockchain.

“In the year 2100 the whales notice that the mining reward is basically zero… Eventually, there are zero new BTC being produced on the BTC network, and zero BTC circulating on the BTC network. There is nothing left to secure, and the chain stops.”

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Top Analyst Maps Bitcoin and Cardano Price Trajectories, Warns Best Entry Point for ADA May Be Gone

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Top Analyst Maps Bitcoin and Cardano Price Trajectories, Warns Best Entry Point for ADA May Be Gone

Crypto trader Michaël van de Poppe is looking at what’s ahead for Bitcoin (BTC) and the smart contract platform Cardano (ADA).

The analyst tells his 420,000 Twitter followers that the best entry point for Cardano may be gone after the asset bounced off a key support level at $1.86.

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“If you want to get into Cardano, this was the region where you would want to get into it, and the higher low that might be created.

So based on the daily timeframe, the best entry might be gone, but you’re still getting a better entry than the ones who have been buying around $2.80.”

Van de Poppe is now looking to see if ADA can turn resistance at the $2.37 level into support.

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If the markets correct further, he is keeping an eye on the $2.15 level as a potential buy zone.

“When you’re looking at the four-hour time frame, I think you’re getting the exact same view as what you have right now on Bitcoin and [Ethereum], actually. So you’re going to look for an entry point which is around the fact of $2.15, so anything in this region might be a good entry point if we get a corrective move.”

Looking at the Bitcoin pair, van de Poppe thinks that ADA will most likely consolidate briefly after retesting support at its previous all-time high.

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“We can see that we’ve had a beautiful retest of the previous high here too, and therefore some consolidation is most likely going to take place before we’re going to have new impulse waves.

So both the USDT and BTC pair are looking for continuation, and I think that’s just great, and I think that’s just what we want to see with the markets right now.”

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