Bitcoin’s Rally Might Soon Reverse Due to Macro Factors
Bitcoin and Ethereum have undergone strong rallies over recent weeks since their September lows. BTC currently trades for $15,900 after falling as low as $9,800 during the September drop. Ethereum, on a similar note, now trades at $480 after bottoming at $315.
The bounce has been a decisive win for bulls, allowing both BTC and ETH to secure key support levels.
But now everyone is convinced that Bitcoin continues its ascent from here.
One crypto-asset analyst recently noted that both Bitcoin and Ethereum could be setting up for a retracement after their respective strong rallies.
He explains that with the second wave of the pandemic sweeping the world, along with Ethereum and Bitcoin running up against a key resistance level, a drop could follow suit:
Chart of ETH's price action over the past few years with a macro analysis by crypto trader Chase_NL on Twitter. Source: ETHUSD from TradingView.com
Why Bulls Are Favored Here
Bulls still seem to be favored on a longer-term time horizon, though, as the analyst’s chart seen above shows.
As reported by Bitcoinist, analysts think that Bitcoin is on track to hit $17,000 or even $18,000 due to technical trends:
Bitcoin is also being boosted by a number of fundamental news events, such as the news of Paypal supporting cryptocurrency and billionaire Stanley Druckenmiller buying Bitcoin.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Here's Why Analysts Aren't Convinced of Bitcoin's Rally Just Yet
Originally from Bitcoinist.com https://ift.tt/3nif0Z2
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