Over the past few weeks, altcoins have been posting strong gains while Bitcoin price and Ethereum’s have both been caught up within a lengthy consolidation.
This consolidation was perpetuated by traders who moved their capital away from BTC and ETH in favour of smaller, more volatile coins.
Yesterday, however, the two largest cryptocurrencies registered massive upswings that came about suddenly, with Bitcoin price reaching highs of $9,600 while Ethereum price rallied to $270.
This momentum has led crypto analyst Pentosh to suggest that altcoins won’t be able to post positive price action while Bitcoin prices and Ethereum’s trend higher.
In a tweet from yesterday, he explained that he believes altcoins will see their BTC trading pairs plunge in value while the world’s largest cryptocurrency pushes up towards $10,500.
Bitcoin Price Rallies Past $9,500
The flagship crypto is starting to show signs of breaking its spell of extremely low volatility after it leapt above $9,500 in yesterday’s trading. This sudden surge has increased BTC’s probability of testing $10,000 in the coming sessions.
However, it has yet to break the upper boundary of its macro trading range, which sits at $10K. At the time of writing, BTC is trading down slightly lower at its current price of $9523.
As for where BTC price might head in the near-term, analysts are speculating that $9,600 is a key level to keep an eye on.
Analyst TheCryptoCactus even suggested that a weekly close above that level would be ideal for fueling further upside. He stated:
“Market is looking really strong in my opinion, but for full transparency, this $9600 level has to be flipped on the weekly close if we really want to continue higher…”
Ethereum Breaks Multi-Year Accumulation Range
In yesterday’s trading, ETH price saw a strong impulse higher that allowed it to break through the upper boundary of its macro trading range between $230 and $250.
This allowed the cryptocurrency to completely adjust its technical curve, as analysts are now noting that ETH could be poised to push significantly higher in the days and weeks ahead.
At the time of writing, Ethereum is trading up marginally at its current price of $271.8. The top altcoin surged as high as $270 yesterday before it met some significant resistance at this level.
This suggests that $270 is the crucial resistance level that buyers must overcome if they wish to initiate any further uptrend in the days ahead.
While speaking about the significance of this latest upturn, analyst Pentosh explained that ETH price has now broken above multiple key levels and just formed its first higher-high since the Black Thursday crash in mid-march.