After a crucial breakout above $9,500, Bitcoin stretched its rally above $9,600 against, with the BTC price even hitting the $9,650 level in yesterday’s trading before correcting higher to change hands near $10K during press time.
The BTC price is now trading above the $9,950 support level, with an important bullish trend line forming near $9,980 on the hourly chart.
In the near-term, as long as the price is above this trend line support, the BTC price is likely to surge higher above the important $10K mark.
BTC Price Shows Strength as Investors Accumulate
For several months, the flagship cryptocurrency was caught within a tight trading range between $9K and $9,300. It has since broken out of this range and is flashing signs of strength.
The recent push higher that led it to highs of $9,600 is significant, and some analysts believe it marks the beginning of a fresh rally upward.
One positive indicator that analyst Byzentine General pointed out from his chart below is that investors have been massively accumulating BTC over the past few days.
Similarly, another crypto-focused economist explained that he believes Bitcoin is entering a firm bull territory, noting that the macro landscape surrounding the crypto is conducive to it seeing the further upside.
ETH Price Shows a Bullish Flag Pattern
Ethereum finally broke out of its tight consolidation range on Monday and went on to establish a new quarter-to-date high of $280.76.
The breakout move confirmed a Bullish Flag pattern after its price broke above its downward sloping consolidation, as shown via red in the chart below. The second-largest crypto by market cap is currently trading up about 10% at its price of $314 during press time.
Looking ahead, the ETH price is facing a couple of minor barriers near the $300 level. A clear breakout above that resistance could kick start an intense upsurge that could see ETH price hit new monthly highs in coming sessions.
On the downside, the triangle support is near the $280 zone. If there is a spike below this level, the price could see a sharp decline.