Bitcoin’s upward trend continues | Finance and Markets

Share This On Social

The price of Bitcoin hovers near 5,100 USD, as the main cryptos see mixed movements on Sunday. The market remains strong and bulls dominate, keeping the key threshold achieved last week. Bitcoin has seen nearly no change on the day, trading at around 5,120 USD, reporting a daily increase of 0.3%. Looking at its weekly chart, the current price is also nearly 1% lower than the beginning of the week.

The overall institutional investment in Bitcoin futures on the Chicago Mercantile Exchange decreased this past week, according to data published by the United States Commodity Futures Trading Commission.

Ethereum is also into the green, rising by 0.45% to 164.80 USD, while XRP stalled at 0,3267 USD. Bitcoin Cash and Litecoin are more significant increases, adding 1% each to 281.67 USD and 79.23 USD, respectively. The biggest daily increase among top 10 cryptos was reported by Binance Coin, which rose by 5% to 19.63 USD.

The total cryptocurrency today is 173.876 billion USD.

Bitcoin price analysis

Last week, there was a steady increase in Battle price over 5,350 USD. The cryptocurrency even broke 5,450 USD level and was traded at a new annual peak of 5,465 USD. Later there was a downward correction and the price broke the support levels of 5,400 USD and 5,350 USD. The sellers appeared after the price broke the key support area of 5,200 USD. There was even a break below the 50% Fibo retracement rate of the last move from 4,702 USD low to 5,465 USD high.


What’s more, there was a break below the mainstream bullish trend line with the support of 5,200 USD. The sellers pushed the price below 5,000 USD and the price tested support at 4,950 USD. In addition, it tested the 76.4% Fibo retracement rate of the last move from 4,702 USD low to 5,465 USD high.

Recently, the price recovered above 5,050 USD but faced strong resistance near 5,130 USD.

It seems that there may be another downward push to 4,950 USD or 4,900 USD before the price starts a new upward movement. The 4,800 USD level is also strong, as it is a support zone and coincides with 100-hour SMA. Therefore, if there are more declines, the price is likely to remain supported near 4,900 USD or 4,800 USD.

The Bitcoin is trading on a rising trend while it is over 4,800 USD and 100-hour SMA. If the price fells below 100-hour SMA, the price may fall to the level of 4,500 USD. Otherwise, the price of Bitcoin is likely to return over 5,150 USD and 5,200 USD in the near future.

Ethereum price analysis

Last week the Ethereum was traded around resistance levels of 185 USD and 188 USD. The cryptocurrency faced strong sales interest near the 185 USD resistance zone, which led to bearish reactions. The price moved downward and slammed the key area of support of 174 USD. There was a break below the level of 170 USD and a 50% Fibo rate from the last wave of 154 USD to 188 USD.


This opened the doors for more losses and the price dropped below 165 USD. Ethereum tested support of 162 USD and 100-hour SMA. Additionally, the price tested the 76.4% Fibo rate from the last wave of 154 USD to 188 USD.

The price of the cryptocurrency formed a bullish trend line, supported by 155 USD. Ethereum is likely to find a strong buying interest close to the support levels of 155 USD and 156 USD. It seems that there may be a final push to the level of 155 USD before the price jumps.

On the uptrend, the initial resistance is close to 166 USD, over which the price may return to 170 USD. However, the main resistance is 175 USD, above which the price is likely to resume its upward movement over 180 USD in the coming days. On the other hand, if the price fells below 155 USD, there may be more losses in the near future.

Ethereum approaches some important levels of support close to the levels of 155 USD and 156 USD. While the price is traded above the 155 USD support, there is a chance of a new rise above the 170 USD level. Under 155 USD, the next immediate support is 152 USD, below which the price can test 144 USD.