The BTC price is now back trading in a positive zone following yesterday’s flash sell-off that slowed down its ascent. Such a pullback isn’t an unusual occurrence during bull markets; it serves an important purpose of resetting funding and premiums.
This reset occurred yesterday, where investors liquidated $400m worth of long positions in just 15-minutes. The pullback was necessary to cleanse most of the long positions that had backed the holiday season bull run.
Bitcoin is now expected to continue plowing higher in the days ahead following the latest dip that sent it reeling toward $28K.
The world’s leading cryptocurrency started seeing further upside and traded well above the $31K level in today’s sessions. There was even a break above a major bearish trend line with resistance near $32,350. At press time, BTCUSD is up 1.07% at its price of $32,435.
BTCUSD Chart By TradingView
Where Will BTC Price Trend Next?
Many investors are now watching the king coin’s price action, which seems primed to climb higher. However, bulls are likely to face important hurdles near $33,500 and $33,800.
That said, where the BTC market trends in the near-term will depend primarily on whether bulls can maintain control over the lower-$30K zone; this robust support region has been the catalyst for bitcoin’s uptick in previous days.
Any serious decline beneath the $30K level could spark off a sharp sell-off in BTC, a retracement that would likely take the rest of the crypto market with it.
ETH Price Could Soon Rip Through $2K
Ethereum corrected lower from a new all-time high at $1,160 to currently trade just below $1,100. The top altcoin has seen a massive run over the past few days that has excited investors.
ETHUSD Chart By TradingView
Jehan Chu, CEO of trading firm Kenetic Capital, projects that ETH will see further upsides in the days ahead, as Wall Street investors are drawn in by its relatively low price.
The analyst sees ETHUSD ripping through $2K as soon as institutional players such as Microstrategy and Skybridge Capital enter the ETH market.
Along with a rise in institutional demand for ETH, the price will also benefit from a shortage of sell-side liquidity as more investors stake their coins in ETH 2.0.