Reasons Behind Bitcoin 12% And Ethereum Price 10% Rally Today, More Upside Ahead?
Bitcoin price regains momentum toward $25K as investors “buy the dip” despite regulatory uncertainty in the U.S. The BTC price rallied 12% in the last 24 hours to hit a 6-month high of $24,769. The price continues to trade near the $24.7K level, trying to break above the $25K psychological level.
Meanwhile, Ethereum price also soared by 10% in the last 24 hours, with the price currently trading at $1,694. The ETH price hit a high of $1,700. Other top altcoins such as BNB, Polygon (MATIC), Solana, and XRP also rallied higher, bringing a rebound in the broader crypto market.
CoinGape first predicted the massive upside move to $25K, when the BTC price was trading at $21.7K. Tremendous whale activity, cooling inflation, and falling U.S. Treasury yields and oil prices are the main reasons behind the sudden upside momentum in the Bitcoin price.
Furthermore, optimism among investors in derivates markets regarding Bitcoin and Ethereum indicates the building of long positions. Although, there’s some evidence of profit-taking by traders as Bitcoin and Ethereum prices move up. Regardless, the sentiment remains bullish.
Meanwhile, the demand for Bitcoin is increasing in the U.S. as the 30-day SMA Bitcoin Coinbase premium index jumps the highest in the last few days. There’s also a significant increase in the ETH Coinbase premium. These are the largest price premium seen since August 2022.
Furthermore, the MVRV ratio for Bitcoin is 1.2 and indicates an opportunity to buy at a low level. Generally, an MVRV below 1 indicates the bottom level to buy for the long term.
Also Read: Best Time To Invest Or Buy Bitcoin? Here’s What Analysts Predict
Crypto Analysts’ Prediction On Bitcoin Price
Popular analyst Michael van de Poppe earlier suggested $21K is the best level to buy the dip for long term, reducing the overall risks of short term investments. In the latest updates, he said $25K is a strong resistance level for Bitcoin price and traders need to keep an eye on pullbacks.
Popular trader Skew shared that Coinbase and Binance spot have quite a bit of supply, with asking price between $24.9K-$25K area. He warns traders to watch sell pressure and stalling momentum, which can begin a retracement move.
Also Read: Bitcoin (BTC) Jumps 12% Hitting A 6-Month High, Is This A Dead Cat Bounce?
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