Bitcoin and Ethereum Price Seeks to Recover Lost Grounds After Market’s Flash Crash

Both Bitcoin and Ethereum traded at a weekly low of $47,159.49, and $2,060.14 respectively. These price levels were surreal as prices had not gone that low since early March.

With the market held down in the oversold region for days, the news that America’s oldest wine brand Acker now accepts Bitcoin and Ethereum payments is perhaps adding to fuel the current bullish market outlook.

Bitcoin Fighting the $54,000 Resistance Level

Despite its 2.57% gain in the past 24 hours to $54749.8 according to data from CEX.IO price feed, Bitcoin bulls are coming off as weary of the $54,000 resistance level. The top for the digital currency to reclaim is its all-time high of $64,863.10 attained close to two weeks ago, however, the fear of rejection is slowing the ambitious push beyond the current levels.

The Technical indicators including the Moving Average and the Chaikin Money Flow are both not oblivion of the regained strides on the BTC/USD 4 hour chart. While the resurgence is obvious, Bitcoin still has a lot of push to erode the downward slide of the 9-day Moving Average. A consistent move upward will return Bitcoin’s price back to $60,000 in the short term.

Ethereum Pushes for New Price Zones

Ethereum’s recovery has been daunting, gaining 2.24% to trade at $2544.83. Retail sentiments remain high, while on-chain data reveals investors are not giving up on the future potentials of the Proof-of-Stake (PoS) network as total deposits top $9 billion.

At present, ETH is trading above its 6 and 20-day Moving Averages, making a case for a further upsurge in the near term. With the ATH of $2,641.09 the target in the short term, Ethereum bulls are potentially aiming for a new price territory above $3,000 in the medium to long term.

Konstantin Anisimov, Executive Director at CEX.IO