Bitcoin recoups recent losses while Ethereum breaks to new highs
Bitcoin futures continue to rebound off of the lows hit on both Friday, April 23rd, and Monday, April 26th, when CME futures fell, forming a double bottom at around $47,500.
BTC futures traded up moderately today, gaining 2% in value, closing at approximately $56,600. More impressive is the close effectively above the 50-day moving average after closing below it on April 22nd. This short four-day period marked the first occurrence of pricing below this technical indicator since October 9th.
On a weekly candlestick chart, you can clearly see that Bitcoin futures basically recouped all the losses of last week, although Bitcoin failed to re-enter the upward channel that took it past $65,000 nearly three weeks ago. Our outlook right now is cautiously bullish.
Ethereum, on the other hand, is looking fully bullish and has been on the rise. Ethereum, the world’s second-largest crypto by market cap, has gained nearly 14% in value in the last seven days, compared to Bitcoin, which gained nearly 2% in the same period. The second place in terms of Market capitalization is by a wide margin, Ethereum’s $310,000,000,000 next to Bitcoin’s $1,000,000,000,000 may be small, but in terms of 24-hour spot volume, it’s a lot closer of a call, with Ether’s numbers at $33 Billion and Bitcoin’s 24 hr. trading volume not too much higher at $46 billion.
ETH has been more resilient than BTC during this last correction where ETH just continued higher to make new record highs, currently trading above $2,700 for the first time in history. Ethereum looks poised to tackle $3,000 by the end of the summer.
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