BTC started a sharp increase above the $12K and $12.5K resistance levels over the past week. The world’s leading crypto even broke above the $13K level this past Wednesday as the bulls gained momentum.
On Saturday, BTC saw a notable daily candle close above $13K, marking the highest daily candle close of its kind since January 2018. The king coin’s inspiring rally continued in today’s sessions, bringing the BTC price to a new year-to-date high at $13,350.
BTCUSD is currently going through a short-term downside correction. At the time of this article’s writing, the pair is down 0.75% to change hands at $12,978.
BTCUSD Chart by TradingView
In the coming sessions, BTC needs to reclaim the $13,200 level of support to avert a further downside. A daily close below the $12,950 support level could push the BTC price lower towards $12,740.
In that scenario, the coin is likely to remain well bid above the $12,650 support level, meaning that any downsides would be limited.
Crypto Community Reacts to Bullish Study by JP Morgan
As we reported yesterday, a top JP Morgan analyst released a commentary on the nascent crypto market, suggesting that BTC could rally multiples higher if it manages even a modest crowding out of gold.
As the study made rounds online, many prominent figures in the crypto sphere shared excerpts of the report. hailing it as the most bullish BTC commentary in a while.
For instance, Dan Tapiero, a co-founder of Gold Bullion International, shared his excitement on Twitter about the report’s prediction that Bitcoin could compete more intensely with gold.
He also agreed with the projection that Bitcoin would emerge as an alternative currency in the future, given the rise of millennials who consider BTC the best investment option.
The JP Morgan report on crypto seems to agree with recent sentiments from Raoul Pal, CEO of Real Vision. Pal and JP Morgan both agree that institutional adoption will drive BTC dramatically higher in the coming months and years.
ETH Could Rally Towards $425
The ETH price has traded in a strong uptrend above the $400 level over the past 24 hours. The altcoin is changing hands at $408 during this article’s writing and looks set to shoot up in the coming sessions.
ETHUSD chart by TradingView
Analysts are pointing to the fact that ETHUSD reached a new monthly high at $422 earlier today as a sign that the pair’s rally is just beginning.
ETH even managed a break above a contracting triangle with resistance near $412 before it corrected lower to its current price. The second-largest crypto is now well poised to rally towards $425 as long as it holds above $400.