Bitcoin knocks out final resistance as Ethereum returns to $ 2,000


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Bitcoin (BTC) briefly hit $ 60,000 on April 2 in the final episode of its slow decline to all-time highs.

BTC / USD 1 hour candle chart (Bitstamp). Source: trade view

The BTC price is $ 60,000

Cointelegraph Markets Pro and TradingView showed bullish tendencies for BTC / USD overnight with local highs of $ 60,110 on Bitstamp.

A correction brought the pair closer to $ 59,000 and orbited $ 59,500 at the time of writing.

The persistently higher levels mean that Bitcoin has effectively reversed the flash crash from earlier this week and continues to trade in a defined corridor.

For popular trader Crypto Ed, $ 60,000 was expected to go away as resistance due to easing selling pressure on the exchanges. However, higher than $ 70,000 may have to wait longer.

“I mentioned the BTC target of $ 73,000 and the ETH of $ 2,300,” he said wrote on Friday.

“From what I see now, ETH is on the right track. BTC is not yet convinced that it will achieve this goal in this cycle, but I think we will see a strong boost over 60,000 (soon).”

Others are more optimistic, with near-term estimates including $ 68,000 and $ 73,000 and 2021 targets of more than $ 288,000.

BTC / USDT buy and sell levels (Binance) starting April 2nd. Source: Key indicators

“The ~ $ 57,500 area rejected BTC in February. But it looks like BTC turned that exact level into support a few days ago,” said Twitter retailer Rekt Capital added.

“Now it’s a matter of moving on from here. And we’re seeing some follow-up today.”

Ether “inevitable” at $ 5,000

Crypto Ed touching Ether (ETH) is the largest altcoin by market cap, hitting $ 2,000 for the first time since Feb.20.

After declining in line with Bitcoin price action, ETH / USD returned to shape last week, posting almost consistently higher highs over the daily timeframe, close to its all-time high of around $ 2,040.

ETH / USD 1 hour candle chart (Bitstamp). Source: TradingView

As Cointelegraph reported, the price targets for Ether are now more bullish than ever and are next at $ 2,600 with $ 5,000 and even $ 10,000 in play.

The amount of ETH held by exchanges like BTC has plummeted this year.

ETH currency reserves versus ETH / USD. Source: CryptoQuant