Following strong gains towards the end of yesterday’s session, BTC consolidated today, as markets prepare for Easter weekend. Bitcoin’s price surged late on Wednesday, hitting a key resistance point in the process. ETH reached a ceiling as well during the session.
Bitcoin
BTC fell slightly on Wednesday after a surge to $41,500, a critical resistance level, and traders were preparing for long Easter weekends.
BTC/USD shot up to $41,451.48 on Wednesday but this resistance level held strong, sending prices down today.
BTC plunged to $39714.69 today. However, it has since rebounded and trades at around $41,031.26, an increase of roughly 3% over the prior bottom.
BTC’s peak price of $48,220 just two weeks back has fallen by nearly $10,000, its lowest level in almost four months.
After weeks of declining prices, however, we now appear to have reached a stabilizing floor at $39,000. Bulls are looking to push prices up again after this week.
However, price strength continues to trend towards uncertainty as it hovers below 43.
We could witness more bulls return to the market once this threshold is breached.
Ethereum
Thursday’s ETH price hovered below its resistance, as markets continued to drift away from a $2,950 floor.
ETH/USD was trading close to its ceiling of $3,145 during today’s session, as there appears to be a gradual build-up of bullish pressure.
This momentum allowed ETH to reach an intraday peak of $3.139.93. That is its highest point since last week.
This rally has caused the 14-day RSI to close at its resistance level of 49.6. It is tracking at 47.5. If this threshold is not broken, price could fall below $3,000.
This is due in part to recent moving average crossover, which signals further bearish pressure.
What do you think are the chances of any significant moves on Easter weekend? Comment below to share your views.
Images CreditsShutterstock. Pixabay. Wiki Commons
DisclaimerThis information is provided for educational purposes only. It does not constitute an offer, solicitation, or recommendation of any company, products or services. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. The author and the company are not responsible for any loss or damage caused or alleged caused by the content or use of any goods, services, or information mentioned in the article.
