BTC has seen an inspiring spell of price action over the past 48 hours. The world’s first crypto surged to a new high at $13,250 before facing some rejection that pushed prices back into the upper-$12,000 region.
The BTC price has since fluctuated below the $13k level of resistance, rallying and dropping by a few hundred dollars as investors gauge the direction BTC markets will take in the coming hours.
At press time, BTCUSD is down 1 % to trade at $12,790. The king coin’s momentum has seemingly stalled slightly following the rejection near $13,200. However, many traders expect the BTC bulls to soon reclaim $13K.
BTCUSD Chart by TradingView
Explaining the psychological importance of the $13 level, one crypto trader and analyst compared the current rally to what was seen in mid-2019 when BTC began its blow-off top.
“The price of BTC teleported from the $12,000 to $13,000 range to $14,000, shocking most investors and leading some to think that a full-blown bull run was imminent. But Bitcoin rejected from $14,000, then $13,000 later that summer in confirmation of that region’s technical importance,” the trader explained via Twitter.
BTC is poised to move higher in the days ahead, fuelled by a continued push for fiscal stimulus and the ongoing buzz over Paypal’s entry into the crypto sphere.
Bitcoin Could Face a Slight Selloff
The BTC price has expressed tremendous strength throughout the past few days, marked by an unrelenting uptrend that has seen the asset surmount multiple resistance levels.
According to Ki Young, the CEO of analytics firm CryptoQuant, the flagship crypto might soon see a slight drop due to increasing spot selling pressure from large holders of BTC.
The CEO observed via a tweet that exchange inflows from whales are spiking, indicating that they are gearing up to sell their positions.He concluded that a slight selloff could be right around the corner, but he expects the bull market to continue given the low exchange whale ratio.
ETH Price Gains 5%
As Bitcoin shocked the finance world yesterday with its spike by over $1,000 to surpass $13K, ETH followed suit with a rally of its own.
The second-largest cryptocurrency gained over 5% on the day to surge as high as $417 before correcting lower. The ETHUSD trading pair is changing hands at $405 during press time.
ETHUSD Chart by TradingView
As the weekend approaches, a chance to soar much higher is here, with the altcoin likely to attempt catching up to BTC’s massive rally.