Bitcoin Consolidates Under $21K While Ethereum Rises to $1.2K

Key Insights:

• Bitcoin is inching closer to escaping the $20k’s resistance and close above $21k.
• Ethereum, despite recovering to $1.2k, might face some hurdles before reaching $1.3k.
• The combined market cap of all cryptocurrencies also breached past $920 billion.

Crypto investors had a relatively good day today as the king coin and the altcoins king rose further and reclaimed critical levels. At least the latter did, Bitcoin is yet to make an achievement as such.

Bitcoin Needs To Be Pulled Up

Stuck around $20k for more than a month now, Bitcoin hasn’t been one of the best-performing cryptocurrencies for a while now. The all-time high that Bitcoin registered stands at $67k, and while reclaiming that is out of the question, it will be euphoric enough for the investors if BTC even reaches $25k or $30k at this point.

The chances of the same are pretty bleak at the moment. Trading at $20,947, Bitcoin is far away from flipping the 50-day Simple Moving Average, a critical resistance into support.

This would bring BTC closer to the 100-day SMA, which currently coincides with the $30k mark. Going forward, this is where Bitcoin is mostly going to end up anyways, as forecasted by FXEmpire.

If the Relative Strength Index (RSI) continues this movement sustainably, it might end up in the bullish zone. Buy pressure from here on will be crucial for the king coin’s rise.

If that fails, the RSI will end up returning to the bearish zone, or if the broader market is influenced negatively by external factors, the neutral line will become the next major resistance.

Ethereum Is Losing the Bullish Charm

While Bitcoin needs bullishness, Ethereum is wasting away the bullishness that it already has. The altcoin king, which rose by 27.36% in the last three days, was found to be trading at $1,257 at the time of writing.

This was a big deal for ETH investors since the altcoin was actually stuck under $1200 for almost a month now.

But the chances of a rise aren’t very strong at the moment, despite price indicators exhibiting the same. The MACD, which has maintained the bullish crossover since the end of June, is still keeping up with it.

In the same duration, the bars on the indicator have been positive despite the appearance of a few red ones.

However, the lack of volatility will certainly kill this bullishness before ETH can make the most of it. The Bollinger Bands’ lack of divergence indicates that the chances of price swings are minimal.

Usually, that isn’t a good thing, but given ETH’s current position above the indicators’ basis, this volatility would’ve kicked it above $1.3k.

Regardless, even if ETH can make it to that point gradually, it will find the support to rally ahead.