Since the New Year’s turn, bitcoin has seen some massive momentum that has pushed it past $30K and beyond. The recent wild rally has seen BTC gain over 20% over the past week.
The bulls managed to push the BTCUSD pair above the $32K level, and the leading cryptocurrency even traded to a new price record near $33,330.
The strong increase in bitcoin price didn’t stop there as it soared to a new all-time high above $34K before correcting lower.
The crypto asset plunged as low as $30K amid a rapid sell-off that saw many investors take profits off the table. However, buyers have since stepped up to buy the dip, resulting in the BTC price spiking higher.
As of this article’s writing, BTC is trading in the mid-$33K region at its current price of $33,588. Despite the retracement, bitcoin has remained in a bullish zone and is likely to continue higher towards $34,000 and $35,000.
BTCUSD Chart By Tradingview
BTC Price Momentum Likely to Continue
Bitcoin’s current bull run has seen it trade up nearly 10x from its 2020 lows set during the black Thursday sell-off back in march. That price momentum can only be rivalled by the historic rally seen in 2017.
And despite fears that the king coin will soon post a blow-off top after gaining nearly $4,000 in a single day, one analyst is convinced that the bulls can maintain full control of the digital asset’s upswing.
Crypto trader Josh Rager says that he expects the BTC price momentum to continue in the near-term after the bulls broke past a key $29, 400 level.
“I’d expect the momentum to continue with Bitcoin to the upside. Now $19k-$20k Bitcoin doesn’t sound so bad – many now wish they bought more at those levels,” Rager tweeted.
ETH Price Explodes Past $900
ETH has shocked many investors as it continues to spike higher above the $900 mark. The altcoin kicked off its rally with a break above the key resistance levels around $750.
The bulls then took over the ETH price action and attempted to catch up to the leading cryptocurrency. As of this article’s writing, ETHUSD is up 19% at its current price of $969.
ETHUSD Chart By TradingView
The ETH price will likely continue higher in 2021 as the Eth 2.0 upgrade catapults the ecosystem’s capability and attracts more attention from institutional players.