BTC Price Gains Pace above $40K, While ETH Prints Bullish Pattern

Over the past 24 hours, BTC prices corrected lower below the $38K support level and even dipped toward $36,500. Despite bitcoin forming a low near $36,400, the bulls remained active, resulting in a clear break above several key resistance levels. Consequently, the world’s first cryptocurrency hit highs of $40,520 on Tuesday night.

The coin has now sealed eight straight green daily candles in a week as market sentiment flipped bullish, prompting quantitative trader Sam Trabucco to react. The prominent crypto analyst from Alameda Research tweeted:

“For a few weeks, BTC was boring — it only moved like 10% over the course of (plural) days. I hope you all caught up on sleep because crypto is now fun again!”

A close examination of the buy and sell levels on Binance, the world’s leading exchange, shows that $38,500 is emerging as the nearest support for BTC, with the main resistance sitting at $41K. That said, crypto investors can be excited that the BTC price returned to $40K after a 9% price retracement seen yesterday. 

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Market strategist Michael Lee sees the flagship crypto surging to a new all-time high amid rampant inflation brought on by unprecedented quantitative easing from central banks. The respected analyst told Fox Business that the best days are ahead for digital assets and called for BTC to give investors a higher return than rival coins in the future.

Bitcoin Volatility and Trading Volumes Are Up

Per the latest Arcane Research, bitcoin’s daily trading volume hit $9.2 billion on Monday, the highest since June 22. That is a good sign that the market could finally pick up after weeks of lackluster price action. As BTC trading volumes have endured several consecutive days below $3 billion in recent weeks, the spike is significant.

Meanwhile, the Arcane market report shows that bitcoin volatility, which traders thrive on, is also picking up steam. 

The exciting action after weeks of consolidation was primarily generated by a massive short squeeze that saw $750M liquidated as prices jumped from $34K to $39.5K at the start of the week. That is the largest short squeeze recorded on BTC markets since the top coin broke past its 2017 lifetime high in mid-Dec last year. 

Traders can now look forward to some exciting price action over the next few days as volatility finally re-enters the BTC market.

ETH Sees Higher Trading Volumes than BTC

A recent Coinbase report highlights that ETH managed to eclipse bitcoin’s trading volumes over the first half of this year. The top altcoin’s trading pace grew 1,461%, exceeding bitcoin’s 489% increase in H1 of 2021.

Btc

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The world’s second-largest cryptocurrency printed a bullish pattern on Wednesday after breaking above the $2,200 level. However, the ETH bulls now need to close above $2,300 resistance to open the door for more gains in the short term.