Bitcoin finally breached the $34,000 price resistance nearly after 4 days of consolidation between $30,000 and $33,500. The top cryptocurrency was trading at $34,443 at the time of writing with a 5% rise over the past 24 hours. The top cryptocurrency’s bull run slowed down significantly entering into the second week of 2021 after creating a new ATH above $40,000 in the first week.
The Monday mayhem a couple of weeks ago saw the top cryptocurrency lost nearly 23% of its market cap within a day for the first time since the 50% crash in March 2020. Bitcoin since then has been struggling to build a bullish momentum similar to the one started on Christmas eve, which saw BTC gain nearly $21,000 in 21 days.
After breaching the $34,000 price resistance BTC would be eyeing to regain the $36,000 levels before testing the ATH again as on-chain metrics are still in its favor. Bitcoin whales were seen accumulating and MicroStrategy again bought the Bitcoin dip, suggesting the market is still bullish on the top cryptocurrency despite the recent correction.
Ethereum Breaks Out Against Bitcoin
Ethereum, the second-largest cryptocurrency by market cap recorded a new ATH of $1,478 today and also broke against bitcoin many deeming it a massive breakout that reached levels only seen in 2018.
Breaking out of the neckling from this structure that began all the way back to 2018!#ETH will hit $20k ????
_____________________________@cctip_io airdrop 0.01 ETH 9999 $eth pic.twitter.com/wkLHKp0NOX
— NOSTRA $20k ETH ???? (@CryptoNostra) January 25, 2021
Ethereum in 2021 is looking as bullish as bitcoin if not more, as it has surged by nearly $1,000 since the start of the year. Having already broken its ATH on several exchanges, many believe the second-largest cryptocurrency could register a similar price rally to BTC in the coming days.
Ethereum’s breakout against bitcoin could also help other altcoins to rally along as with the alt season long due for quite some time now.
Eth rally was also helped by defi push as the market cap registered a new ATH of $45 billion with several defi tokens registering bullish rallies in the past 24 hours.