Market-wide Recovery Commences as Bitcoin Surges Above the $20,000 Level and Ethereum Follows

The Bitcoin price hasn’t lived up to the expectations of investors over the last few weeks since it fell below the $20,000 level. Despite the efforts of bulls to reclaim key resistance levels, the cryptocurrency continued to struggle against the USD, falling to the $18,000 level. At the beginning of trading today, the bulls were finally able to gather the momentum required to drive the Bitcoin price back to the $20,000 level.

Bitcoin Price Analysis—Will Bitcoin Retest the $25,000 Levels?

Moving to the $25,000 level has been challenging for Bitcoin. Even when there is an uptrend, the bulls always have difficulty giving the cryptocurrency the momentum required to hold the line above $23,000. Crossing and holding the line above this resistance is crucial if the Bitcoin price is to retest $25,000.

At the time of writing, the price of Bitcoin was $20,152.65. The cryptocurrency was up 5.13% against the USD and traded in the $18,858.48 to $20,263.89 range over 24 hours. Bitcoin is still leading the cryptocurrency industry with a market capitalization of $387.44B, and it is up by 5.13% in the last seven days.

Ethereum Follows Bitcoin’s Lead

As expected, the rise in the price of Bitcoin is also influencing Ethereum. The Ethereum price seems to be approaching a key resistance at $1,389.56 before correcting lower. At the time of writing, ETH was trading at $1,385.08. The token was up 5.50% against the USD. If the key resistance is crossed, the Ethereum price will test the $1,400 level for the first time in over seven days.

All eyes have been on Ethereum since Ethereum 2.0 launched a few weeks ago. The ETH token was under a lot of bearish pressure because miners were dumping tokens into circulation. Today, however, the charts show that the bear correction may be coming to an end. The next few trading sessions will help us determine if the bulls are back for good.

Ronald Henderson

Ronald has worked in the computer industry for 5 years when he decided to stand on his own and start his own firm, and he's never looked back. A real hard-worker and go-getter, he is a powerful leader and has made quite a name for himself in the industry. Born and raised in Pennsylvania, he still resides there with his wife and two kids, Mark and Gene. He believes that simplicity is the key to everything in life, including writing, and loves to make his content engaging and easy to understand for all audiences - even those who aren’t necessarily from a technical background.