Currently, the markets are about to find another weekend with the possibility of producing another bullish wave over the next weekend.
Bitcoin price is rising today, and the major altcoins have also absorbed significant bullish momentum. Over the past weekend, BTC prices rose by almost 15%, triggering a strong uptrend for the rest of the week.
Although the tokens witnessed a small pullback with some consolidation, the trend remains bullish.
Bitcoin price is not breaking above $23,000, as bears are hampering the rally at $22,900. The last few hours witnessed a significant pent-up selling pressure seen a couple of days ago, which brought the price down by 5% at the time.
Will Bitcoin (BTC) Price Hit $24,500?
Moving forward, the bears were exhausted to some degree, which helped the bulls push the price past the crucial resistance of $21.410. Furthermore, prices exploded and hit highs of over $22,500 for the first time in the last four months.
BTC price, after recovering from $20,500, broke through the crucial resistance levels at $21,500, and spiked beyond $22,500, marking new highs for 2023. Now the bulls seem perplexed, as the assets are affected by a minor downward pressure. However, next weekend may see a breakout after experiencing excessive price compression.
A breakout can push the price beyond $24,000, while on rejection, the price can test the lower support at $22,500. If it fails to hold at these levels, a drop to $20,550 may be imminent.
Ethereum (ETH) Price Is About to Hit $1700 this Weekend
After facing a rejection of $1,780, Ethereum price fell sharply to bottom just above $1,000. However, from early 2023, the price maintained a significant rally and broke above $1,650. Currently, the second-largest crypto is facing notable bearish pressure that may be overcome by next weekend.
ETH price is currently trading near one of the important resistance levels at $1657 and is facing bearish action. In case of extended bearish pressure, the price may drop toward the lower support at $1596 and cause a bounce. However, the next price zone to cross could be between $1,750 and $1,770, which may clear the way toward $1,800. ETH price may eventually face a minor rejection that may hinder progress but may sustain an uptrend going forward.
To sum up, the crypto markets are currently painted in green, as the global market capitalization recovered above $1 trillion. The top cryptos appear to keep going up in the coming week, as the markets are heading towards a bullish close for the month.
By Audy Castaneda
