The BTC price has erupted higher over the past few days, hitting a new all-time high near $28,360 before correcting lower. The impressive run saw the top cryptocurrency register gains above the $26,500 and $27,000 resistance levels during the Christmas holiday to settle above the $28K level.
Since then, BTCUSD has endured some turbulent price action, but it has generally favoured the bulls. Bitcoin surged past $28K this morning before posting a strong rejection that saw it plummet below $27K. However, the bulls were active around the $26.5 support level, which drove prices higher to trade at $26,831 during press time.
BTCUSD Chart by TradingView
Although the BTC price did face a rejection this morning, it is still trading up significantly higher from where it was just before Christmas. The digital coin has even managed to surpass Visa’s market cap, making it the world’s most valuable payment network.
The world’s leading cryptocurrency is likely to use the strong support around $26.5K to grow upon and continue rallying higher in the days ahead.
BTC Price Is yet to Post a “Blow-Off Top”
Bitcoin’s continued holiday rally has seen it climb from lows of $24K on the 25th of this month to highs above $28K. This show of strength and the subsequent rejection has prompted some traders to argue that BTC has posted a blow-off top.
However, one trader isn’t convinced of this theory due to the strength BTC has flashed following the rejection. Pointing to Bitcoin’s bullish reaction to its recent rejection, trader and analyst SalsaTekila explained:
“That does NOT look like a blow-off top to me (yet). I could be wrong, but this 6.43% down move in 55 minutes, although massive at current market cap, isn’t enough to make me believe ‘the top’ is in.”
The flagship cryptocurrency’s next move will largely depend on whether the bulls can turn its slight grind higher into a full-fledged parabolic upsurge.
ETH Price Surpasses $700
Over the past few sessions, ETHUSD has seen a substantial increase after forming a strong support base at $620. The top altcoin surged above the $650 and $680 resistance levels and broke past $700 for the first time since mid-2018.
At the time of this article’s writing, the ETH price is up 12.4% at its current price of $730. The next major resistance for the second-largest cryptocurrency is near $750, above which the bulls could test $765.
ETHUSD Chart By TradingView
