For the first time in a while, BTC reached a new ATH on a weekday. The pump that propelled BTC to a new all-time high yesterday could be traced to a slight market dip on Monday.
As Bitcoin dropped by 8% traders rallied the market and in no time pushed BTC back to $34k and kept pushing the price as it crossed various critical resistance levels.
BTC crossed the $40,000 resistance resulting in a new ATH of $40,383. Breaking ATHs is now a custom for Bitcoin!
Many traders accepted the new ATH, while others are quick to sell their assets. In a nutshell, the new all-time high was accepted with mixed feelings. Some experienced traders are calling the current price surge a bubble as it is and warns that traders who buy at this height may be hurt by the bursts when it happens.
While new traders to the crypto space are bullish all the way, various indicators are pointing to a possible price correction soon. Bitcoin is already up 40% since the start of January (eight days).
Either way, the price of any commodity rests on its demand and supply. As long as the market sustains the current numbers, one can expect the price to continue rising from here.
Trailing Bitcoin: ETH Reaches for New ATH
While some traders are worried about the BTC bubble, most Ether traders are closely watching the price of ETH. With every passing surge, Ether edges closer to its all-time high of $1,448. Sooner or later, the $1,400 resistance may flip.
It is noteworthy that despite a stellar 2020, ETH could not break the former all-time high and continues to trail BTC by a mile.
However, this year looks more promising as ETH continues to push for a new ATH. At the time of writing, ether is declining in value. It is only a question of time as to when a new surge will start as traders are poised at seeing ETH closer to a new all-time high and will not relent until we see new ATH.
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Author: Gideon Geoffrey