BTC rocketed to a new lifetime high of $49,400 over the weekend after spending most of the past week in the $47K range. The top digital coin, set to move even higher on institutional interest, faced a strong selling interest after surpassing its previous peak and corrected lower.
On Monday morning, BTCUSD dipped below the $47K level and is currently consolidating gains at its price of $46,894. Bitcoin must stay above the bullish trend line forming with support near $46K to start a fresh increase.
BTCUSD Chart by TradingView
Despite the current slip, BTC technicals are showing positive signs that the digital asset could soon move higher.
Analyst Pla B noted on Twitter that the flagship cryptocurrency’s relative strength index is on a similar trajectory to that seen on the previous bull market cycle. Therefore, the king coin still has room to expand to the upside before its bullish run cools off.
Raoul Pal, the CEO of Real Vision, shared a similarly positive outlook for bitcoin’s price. In a recent tweet, the former Goldman Sachs exec projected that more institutions would be forced into BTC as the coin’s market cap rises. He added:
“The more institutions that adopt it, the more the others have to and the harder it is for regulators to stop it. A perfect reflexive loop with the little guy front running it all.”
YFI Hits $50K Before BTC
YFI, the governance token of popular DeFi protocol Yearn Finance, crossed over $50k this past Friday, marking a new milestone for the cryptocurrency.
The new price record came after Grayscale Investments registered an LLC for a potential Yearn Finance Trust. That move by the New York-based crypto management firm prompted crypto investors to raise their bids for YFIUSD in anticipation that the upcoming product would cause YFI prices to shoot up.
YFIUSD Chart By TradingView
A Yearn Finance Trust would offer accredited investors the opportunity to gain exposure to the DeFi platform’s native token and bring high-profile investments into the DeFi space.
Ether Could Soon Test $2K
Over the past weekend, the ETH price traded in a strong uptrend. The altcoin climbed above $1,850 and almost surpassed its current peak of $1,870 set in the past week before it started a short-term downside correction.
However, the bulls were active above $1,750, which meant that downsides were limited. The ETHUSD pair has therefore been able to hold gains accumulated over the past week.
ETHUSD Chart By TradingView
This positive price action indicates that ETH remains strong and is likely to continue higher above the $1,850 and $1,900 levels in the near term. A successful close above $1,900 could open the door for the second-largest crypto to accelerate towards $2K.