BTC started off the week with a surge above $11,200 levels of support. The king coin rallied higher but faced some intense short-term resistance near $11,420.
At the time of writing, the BTCUSD pair has managed to surmount this resistance to reach the $11,542 mark.
This impressive rally to a new monthly high above $11.5K strengthens the case that the BTC price rally isn’t over yet.
If the asset manages a close above the $11.5K level, the next major hurdle for the bulls is near the $11,800. Any further gains could open the doors for a move towards the $12,000 resistance level.
A Tsunami of Capital is Coming into Bitcoin
Looking at the BTCUSD hourly chart, it seems like there is a short-term bullish continuation pattern forming with resistance near $11.5K. The pair is currently trading near the triangle resistance and attempting an upside break that would see it extend its rally.
As the BTC rally carries on, one crypto investor thinks that a tsunami of capital inflows will soon come into the BTC market. Tyler Winklevoss, the co-founder of Gemini, has stated many times that the flagship crypto’s fundamentals are stronger than ever due to inflationary trends.
Now, Winklevoss sees a trend where more institutional money will flood the BTC market.
“First, it was @michael_saylorand publicly-traded @MicroStrategybuying $425million of #Bitcoin. Today, it is @jackand @square buying $50million of bitcoin. Tomorrow, it will be another visionary leader, and another, and another…the tsunami is coming,” the Gemini founder tweeted.
His comments came as the financial technology giant Square.Inc made headlines after they purchased Bitcoin worth $50M last week. The month before, MicroStrategy purchased $250 million worth of Bitcoin, bringing their total investment in the digital asset to a whopping $450M.
ETH Price Could See “Liftoff” To $400
The ETH price kicked off a sharp upward move over the weekend after it cleared the $355 resistance. The altcoin rallied over $20 and even broke the $370 resistance.
In today’s sessions, the ETHUSD pair corrected higher to form a new monthly high near $379 before encountering some resistance near the $380 level.
At the time of this publication, the ETH bulls have managed a clear break above the $380 resistance level. That uptick could open the doors for another increase towards $400.
The ETHUSD pair is trading at $387 during press time. This impressive surge could be attributable to recent news that the ETH blockchain had inched towards its ETH 2.0 protocol upgrade with a new bug bounty program.