Bitcoin Price Soars To A One-Week High In Minutes
Bitcoin price after soaring to its highs to hit ATH close to $67,000, quickly got exhausted and fell apart. However, despite the bears booking their profits, the BTC price visited levels below $60,000 and rebounded to trend around $62,000. The asset maintained a silent trend until a huge influx due to immense short liquidations uplifted the price above $63,000.
According to Coinglass, nearly $61 million BTC short were liquidated in just a few minutes. And the highest liquidations were on FTX exchange with more than $41.5 million liquidations. Moreover, the supply over the exchanges has been drastically falling which is at a 3-year low for the past 21 months.
Currently, Bitcoin is attempting very hard to sustain above $63,000 by breaking the downtrend at $62,000. Currently, the price is consolidating for the past couple of hours above $63K signalling a healthy uptrend is fast approaching. The asset needs to avoid plunging below these levels and quickly rise above $65K in order to slice through the ATH.
Ethereum Price Is About To Go Parabolic
Ethereum price hits yet another ATH at $4477, just a couple of hours before. As BTC price broke through the downtrend to range high, ETH price also followed. Despite a couple of plunges, the asset still remained strong above $4000. And hence showcasing a strong tendency to leap close to $5000 soon.
Ethereum maintained a notable uptrend since the beginning of October and continued to grow slowly yet steadily to reach the present levels. Trending within the ascending parallel channel, the ETH price is currently testing the crucial levels which could ignite yet another massive leg up. If the asset slices through the levels at $4460, then $5000 levels could be fast approaching.
Collectively, the top two crypto-assets after a pretty long time blasted out of consolidation to reach their immediate resistance levels. Bitcoin price sustaining above $63,000 is mandatory for the asset to march towards its ATH. And also Ethereum price again marching above $4460 could validate the bull run. Therefore, a clear signal of a strong altseason 2021 can be witnessed from the recent jump.