After the continuous drop, BTC crusted above the $40 000 level. Experts say there is more to come soon.
After touching its bottom at $33 000 level on February 24, bitcoin has had several jumps above $40 000 for the last month. But still, the token is testing this level of support.
Bitcoin price today is $40 500.
Frequently quoted trader Crypto Ed thinks the next few days should bring a furthermore rise to the $43 000 target zone. Or a breakdown of the current trend.
Bitcoin price today
“BTC is on the verge of breaking out to the upside as confirmed by technical indicators. It’s trading inside an Ascending Parallel Channel w/ resistance at $45K-$46K & support at $35K-$36K”, – bitcoin-enthusiast Allen Au says.
The past week also came with a new achievement for Bitcoin network growth: the payment protocol Lightning Network passed 3500 BTC capacity.
This protocol is called “layer 2” technology on Bitcoin, and it has been growing for the last few years.
But the cycle now can still be bearish. Especially with the fact the highest range of $45 000 already being broken at the beginning of March.
What about Ethereum?
As for the Ethereum, the coin raised 5,5% in value for the last week and now trading for $2800.
“The bulls stepped up their game, and ETH crossed the resistance at $2650 on the daily timeframe. The most important level to look at is $3300, and breaking it can confirm the end of the downtrend”, – writes CryptoQuant.com on-chain analyst.
The biggest loser of the week is definitely LUNA token. It has dropped more than 15%.
The trading volume of the token has declined. That means LUNA needs to accumulate more energy for a further move.
But Twitter crypto analyst Caleo thinks that the coin can double its price if it reaches the $104 peek again. The last time it happened was on March 9.