BTC has seen some wild price action over the past 24 hours after it blasted past $40K and formed a new all-time high at $40,412 on Coinbase. A considerable rejection took place shortly after, with the king coin suffering an intense sell-off that saw it retrace heavily by almost $4K in minutes.
However, the buying pressure at $36K ensured that the pullback was short-lived. All the losses have mostly been erased in the time since. As of this article’s writing, BTCUSD is up 4.6% at its price of $41,505.
BTCUSD Chart By TradingView
Much to traders’ frustration, Coinbase suffered technical issues once again during yesterday’s BTC pump to $40K. Reported outages, inability to log in, and withdrawals failures on the exchange meant that few could buy or sell any coins for hours at a time.
Outraged investors who had stepped in to “buy the dip” on Coinbase took to social media to vent, demanding that the exchange shape up its act before BTC registers the next leg higher.
BTC Bulls Take Aim at $48K
According to the Average Direction Index, bitcoin’s current uptrend on weekly timeframes is now the second most powerful in history.
FOMO from both retail and institutions has fuelled the uptick, resulting in a far stronger surge than anything the 2017 bull market had to offer. The king crypto has now shot up from $30K to well over $40K in just the first seven days of 2021.
This astronomical spike higher is only second to the 2013 rally, which pumped BTC by about 2,000% before any meaningful correction took place.
BTC now looks poised to see further upside, according to one analyst who pointed to a confluence of factors that indicate a breakout is imminent. In a Jan 7 tweet, trader CarpeNoctom projected that it is only a matter of time before the asset rallies to $48K.
“BTC: 2015 PF + two-year MA multiplier showing resistance confluence from 46k-48k. If we get there, I’ll be selling spot into cash,” he tweeted.
XRP Bulls Eye Fresh Rally To $0.35
In the past two days, Ripple’s XRP has seen a resurgence despite a looming SEC lawsuit and uncertainty surrounding the coin’s future.
The XRPUSD pair saw a sharp increase above the $0.3000 barrier. The bulls gained strength and pushed the fourth-largest crypto by market cap above the $0.3200 level. The XRP price even nuked $0.3500 before the bears stepped in to halt a further upsurge. At press time, XRP is trading at $0.3142.
XRPUSD Chart By TradingView
