Sellers are quickly vanishing from exchange orderbooks while the two leading cryptocurrencies revisit substantial pricing ranges.
Bitcoin (BTC) briefly reached $60,000 on April 2 in the latest iteration of its long-awaited return to all-time highs.
BTC price taps $60,000
TradingView revealed that bullish tendencies for BTC/USD continued overnight, with local highs of $60,110 on Bitstamp.
A correction took the pair closer to $59,000, with the stock hovering about $59,500 at the time of publication.
Because of the persistent higher levels, Bitcoin has essentially cancelled out the flash crash from earlier this week, while still trading in a defined corridor.
According to famous trader Crypto Ed, $60,000 was expected to vanish as resistance due to dwindling selling pressure on exchanges. Those with incomes greater than $70,000, on the other hand, will have to wait longer.
“I mentioned BTC target $73k and ETH $2300,” he wrote on Friday.
“From what I see now, ETH is on track. BTC not convinced yet it will reach that target in this cycle but I do think we’ll see a strong push above 60k (soonish).”
Others are more optimistic, with short-term estimates including $68,000 and $73,000 and 2021 targets exceeding $288,000.
“The ~$57,500 area rejected BTC in February. But it looks like BTC turned this exact same level into support a couple of days ago,” fellow Twitter trader Rekt Capital added.
“Now it’s about follow-through from here. And we’re seeing some follow-through today.”
Ether at $5,000 “inevitable”
Crypto Ed’s touch on Ether (ETH) comes as the biggest altcoin by market capitalisation reaches $2,000 for the first time since February 20.
Following a fall in line with Bitcoin market activity, ETH/USD has returned to form over the past week, with almost persistent higher peaks on regular timeframes to close its historic peak of about $2,040.
The price targets for Ether are now more bullish than ever, and include $2,600 next, with $5,000 and even $10,000 in play.
The amount of ETH held by exchanges, like BTC, has been dropping sharply this year.
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