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Bitcoin (BTC) and Ethereum (ETH), the two largest cryptocurrencies, continued their bullish trends this week. After an initial failed breakout attempt, Bitcoin finally emerged out of a twelve-week consolidation the week of July 31st. The trend has been steady since the breakout around $10,000, though Bitcoin stalled this week after briefly surpassing the $12,000 level. $12,000 is a major level to watch for Bitcoin because it is the level where the bull market from 2019 ultimately fizzled out. Previous price action levels can often be hurdles in the short term for prices as they represent old supply and can mean investors who bought at that time and held are looking to cash out at break even.
While Bitcoin has shown firm price action, the undeniable leader has been Ethereum. Ethereum broke out earlier, has run further, and has already taken out previous resistance. BTC has run from $10,000 to $12,000 since breaking out while ETH has launched from $255 to just above the psychologically important $400 level.
The major cryptocurrencies continue to gain ground amidst a backdrop of positive news in the industry. Ethereum’s (ETH) DeFi network continues to gain traction, while countries like the United States and India seem to be taking a more open stance to cryptocurrency adoption. This week, Fed director Lael Brainard said, “The Fed is actively conducting research and experiments related to decentralized ledger technology and potential use cases for digital currencies.” Meanwhile, India has seen a resurgence in demand for cryptocurrencies after the government reversed course on stringent regulations pertaining to cryptocurrencies.
Next week, investors will be watching to see how Bitcoin (BTC) handles the $12,000 level of resistance. Ethereum (ETH) bulls will want to see support hold at $360 should it pull back in the short-term.
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