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BTC Muted While ETH Surged, Can We Soon See Bitcoin Breaking $60k?

BTC muted as ETH continued its surge and we saw the coin hitting above $3500. BTC got stuck between the $56,000 resistance and $60,000 as we see further in our latest bitcoin news today.

BTC is approaching a new break with the major hurdle near $60,000 and the price is trading well below the $58,000 and the 100 simple moving average. There’s also a contracting triangle forming with the resistance near $60,000 on the 4-hour charts of the pair with it likely to accelerate higher once it clears the $60K resistance in the near term.

btcusd
Source BTCUSD on TradingView.com

Over the past week, BTC’s price settled above the key $55,000 pivot level against the US dollar and the pair formed a new base above $55,000 and started a new increase. It climbed above $56,000 resistance and settled above the 100 simple moving average. However, the upwards move was limited considering the recent surge in ETH above $3500. BTC muted after clearing the $58,000 resistance. It shortly formed a new high near $59,566 before the downside correction. It is now trading below this level with a break below the 23.6% fib retracement level from the upwards move at $56,859 low to $59,566 high. On the downside, there’s major support forming near the $58,000 zone with the 23.6% fib retracement level from the upwards move at the swing low to the $59,566 high also nearing the $58,200 zone.

ethusd
Source ETHUSD on TradingView.com

On the upside, the initial resistance is near the $59,500 level and the main hurdle is near the $60K level with another major contracting triangle forming with the resistance near $60K on the 4-hour charts of the pair. Another close above the $59,500 and the $60,000 resistance could open the doors for a new rally in the next few sessions. If BTC falls above this level, there’s a risk of a new downside correction with the first major support nearing the $58,200 level and the triangle trend line zone. The next support is near the $57,200 level with more losses calling for a new drop towards the $55,500 support level.

The 4-hour MACD for the pair is gaining momentum in the bullish zone with the 4-hour RSI being well above the 50 level.

Speaking about ETH, According to a Form S-1 filed with the US SEC, VanEck filed for ETH ETF and is called VanEck Ethereum Trust that will trade on the Cboe BZX exchange is approved. The investment product will track the MVSI CryptoCompare Ethereum Benchmark and will hold physical ETH and as a custodian, VanEck appointed the Delaware Trust Company.

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Author: Stefan

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