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BTC Treads Around the $50K Barrier as ETH Follows Course Hitting $3.3k

Bitcoin recently made a bullish statement as it breakout past $50k, while ETH also broke out past its resistance level at $3.3K. The two coins seem to be eyeing new ATHs surpassing the analysts’ prediction of $100k and $20 for Bitcoin and Ethereum, respectively. Most of the other coins are also benefiting vastly from bitcoin’s bullish trend. 

BTC on an Upsurge

On Monday, 23rd August, Bitcoin made a bullish statement when it went past its long-term resistance of $50k for the second time in 2021. Generally, this happens when Bitcoin has been in a continuous recovery for several weeks. Although it moved past $50k, the coin has later slightly dropped to about $49.5k, its current value. 

Generally, bitcoin has been able to break from several short-term resistance levels in the past few days, including the most recent one at $48.5k and later $50k. Generally, breaking out past this resistance level opens the coin to even further price increases. We could see bitcoin’s prices going past $53k- to even $5k and above in the next few days. 

However, BTC will again have to break out at the next resistance at $51.8k. There are other resistance levels in the $50s, at $55k and $58k. If the currency surges past the $58k mark, it’s most likely that the coin will recover past the earlier all-time high of $64k. Bitcoin’s recent bullish statement could send this coin to around $100k towards the end of the year. 

However, the support levels for BTC are at somewhere around 48k, with the long-run support standing at $42k. The coin could begin a price plunge that would send it to $42k. The currency is currently trading at the $49k area. 

Ethereum Price Analysis

Ethereum, the second-largest crypto by market cap, is also on continuous price recovery. Currently, ETH is trading at $3.32k and $3.38k, a recovery from the 24 hour minimum of $3.14k. Ethereum started the day on a high of $3275 but slightly dropped later in the afternoon to $3142. However, Ethereum began recovering and hit a high mark of $3380. 

Today alone, the trading volume of Ethereum has increased by about 30%, meaning the coin is in a massive buy situation. To hit the $3380 mark, Ethereum had to go past a minor resistance at $3261 and another at $3350. 

The next resistance ETH faces is at $3500, and another strong one at around $3800. If it manages to break out past the two resistance levels, Ethereum will have an easier time tracing back to its ATH at about $4.5k. 

The Entire Crypto World is Growing

Although the two top crypto assets dominate the market, the entire crypto-verse is also on an upsurge. Currently, the total value of the crypto world is about $2.1 trillion and on a continuous rise. CMC shows that the Crypto world is growing fast, increasing by $2.96% in the past 24 hours. 

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Most crypto assets like Solana, Avalanche, Luna, Monero, Cardano, and BNB have made very high profits in the past week. Cardano could make one of its biggest price surges soon as the Alonzo fork launch comes close.

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