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- 1 Bitcoin (BTC) price made a bullish breakout from consolidation, shattering the $55K mark for the 1st time since December 2021.
- 2 Ethereum (ETH) has also smashed the $3000 level and is looking forward to conquering the $3300 level.
Bitcoin price achieved another milestone on Tuesday when the crypto surpassed the $55K level. The market leader is now approaching the next hurdle of $60 K. The bulls might conquer $60K easily if they continue to rise with the same momentum.
On the flip side, Ethereum also joined the rally and is now approaching the $3300 level. The ETH crypto has been on the rise for the last four consecutive sessions after the bears failed to lower the price near the psychological level of $3000.
What’s Driving The Market Growth?
Several factors are driving the crypto market growth including trading volumes for the recently approved spot BTC exchange-traded funds (ETFs) had reached their peak, totaling $3.24 Billion.
Also, Bitcoin halving is nearing which is a major event in the crypto market. The halving event is all set to occur in April 2024 with only 54 days left at the moment.
The major news which hit the market yesterday was about Microstrategy which reportedly bought more bitcoins. With 52 days left before the Bitcoin halving, Microstrategy added 3000 BTC tokens worth $155 Million to their portfolio as per the announcement by the company’s CEO Michael Saylor on social media platform ‘X’.
MicroStrategy Now Holds 1,93,000 BTC tokens!
As per the data obtained from lookonchain, the average purchase price per token in the investment was $51,813. As of Today Microstrategy currently holds 1,93,000 BTC tokens worth $9.9 Billion purchased at an average price of $31.54 per bitcoin.
Currently, Microstrategy has over $3.8 Billion in unrealized profit at the current price. Given below is all the investments made by Microstrategy till date including the buying price.
Is Bitcoin Geared For 60K Mark Next?
Bitcoin price is up nearly 10% in the 24 hours, suggesting a bullish outlook in the short term resuming the previous bullish trend. Earlier, Bitcoin price experienced a short term rally after breaking out above 44K.
It came into sight on observing the BTC daily chart that by January end the price started rallying and got support from the dynamic supports of 20 and 50 Day EMA bands and rallied up to 53 K. Later on, it struggled at the top in the hopes of surpassing the level it spent a prolonged time being sideways.
Recently, the news that Microstrategy added another 3000 BTC triggered BTC price towards the $60K zone after conquering an important hurdle of $55K.
Is Ethereum Price All Set For $3500?
Ethereum Price is extending its rally on the higher side on Tuesday and is up 2.71% on the fourth consecutive day. The bulls are in full control and ETH crypto is rising, smashing the higher supply level of $3000.
Recently, ETH crypto made a short term rally to hit a new swing high of $3000 after bouncing off from the 20 and 50 Day EMAs.
The bears attempted to get into the game and regain control near the round level of $3000. However, they failed due to the aggressive presence of bulls at the lower levels. It triggered a short covering among the sellers and the price surged higher.
On the higher side, the $3300 and $3500 may act as a hurdle for the bulls. Surpassing these hurdles will open the door for more growth in Ethereum.
Summary
The price structure of Etherum and Bitcoin show that these two cryptocurrencies are bullish on the daily chart. The charts show that the latest trends have been driven by major news including Bitcoin ETF approval, Bitcoin halving, and the recent Microstrategy BTC holding increment.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
