Muhaimin is a journalist, a fintech and crypto enthusiast who is passionate about its development in Africa and across the globe. Muhaimin derives pleasure in reporting and analysing happenings in the crypto world and a believer in Blockchain technology.
The crypto market is in the green today. Bitcoin has gained over 11% within the last 24 hours, while Ethereum is 10% up.
Ever since COVID-19 was declared a pandemic by the World Health Organization, several major crypto coins plunged serially, including Bitcoin, the king of crypto, and Ethereum, the 2nd largest crypto coin. Bitcoin before the pandemic was declared already soared as high as $10,000 and had to crash to as low as $3,000 when the pandemic was declared.
Ether, on the other hand, had rallied as high as $220 when the pandemic was declared plunged by around 20% of its value. However, the narrative for both crypto coins alongside many other crypto coins have changed for good as economies are beginning to become active and recover from the COVID-19 pandemic.
Bitcoin Price Breaks $8k as Halving Approach
Between yesterday and today, the crypto has managed to hit $8k plus trading at $8,692 as at press time. This is amidst the halving event set to hold in 13 days.
With BTC’s $8k surge, the mid-March crash has been reversed when the crypto shed 60% to hit it’s an all-time low in the last 15 months. The crypto has been going bullish since last week with a 10% uptick as 50-day and 200-day moving average resistance now conquered.
Ethereum Rockets Above $200 Following Bitcoin
Ethereum is not left out in the crypto party as it has also enjoyed its share of the bull run in the crypto market.
As at press time, the crypto trades at $217.60 rising above the coveted $200 level. The price action preceded recovery from support level $170 last week. The crypto volatility is expected to continue, moving in tandem with European sessions.
Ethererum investors, too, are shifting attention to higher levels at $220 and $250, respectively. With the crypto breaking above $200, higher price action is expected of the crypto coin. But then if the wedge resistance is not broken, the crypto could back down to a reversal.
Technical indicators such as the RSI and the MACD are in support of the buyer position in the market.