Against all odds, and contrary to what the majority predicted, the crypto industry continues to slowly move upward while keeping intact recent-past gains.
Momentum seems to be prolonging in crypto markets which is ultimately keeping intact the bullish sentiment.
Slow but Steady Bitcoin Moving Upward
On Wednesday, 14th December, the trading day ended at a price near $18,000 for Bitcoin. This was due to the fact that markets are still under the effect of inflation data announced by the US Federal Reserve.
Bitcoin however fell as low as $17,412.19 on 13th December against the greenback but promising gains came in on Wednesday. Resultantly, Bitcoin came so close to surpassing $18,000 but settled at $17,930.09.
Bitcoin may be slow in rebounding yet the intention is there because upward movement is quite steady as compared to past declines.
If it remains either near or above the price range of $18,000, it would for sure be its highest point the coin had lastly seen on 9th November.
On 9th November, Bitcoin started to trade above that threshold for a very short period but then lost momentum.
Its 14-day RSI tracking suggests that Bitcoin’s movement during the time period is well ahead of its movement throughout November.
The tracking is currently racing towards the next crucial ceiling of 60.75 but has so far covered the mark up to 60.00.
If Bitcoin continues to bolster its momentum and in between rises above 60.75, then its value would definitely rise above $18,000.
The situation may become more favorable for Bitcoin in the near future if the trend does not lose its momentum. If the Feds start lowering the interest rates, then Bitcoin rallies will grow stronger.
The dollar will continue losing its strength versus the major currencies including Bitcoin and altcoins. Such a trend could help push Bitcoin’s price over the $20k barrier.
Ethereum in the Bitcoin Shoes
On the other hand, Ethereum also has stepped into Bitcoin’s shoes. Ether coin was also fetching prominent gains on Wednesday.
It has even neared its highest value in multi-weeks. Of course, the bullish momentum for Ethereum was boosted by the recently concluded meeting held by US Federal Reserve.
The word in the investors’ community is that a 50 basis points increase is expected to be approved by Fed in interest rates. If it is true then this would indicate the easing up of strict policies which the Fed had been implementing for a long.
However, speculation is the thing that is bolstering bullish momentum in crypto markets.
Good for Ethereum though that the speculation played positively and allowed Ethereum in fetching some gains.
After obtaining gains, per Ether coin value against USD became $1,341.44 which was otherwise trading at $1,289.23 a day earlier.
Even the Ethereum RSI is very much moving in the same direction as Bitcoin’s. The index notes the trading rushing towards a crucial ceiling of 59.00 but for the time being, is resting at 58.06.
So the main hurdle for Ethereum is to go past the price range of $1,400. However, between $1,341.44 till $1,400 Ethereum has to ensure that all hurdles are not only removed but its moving average remains steady.
There is no margin of movement average to slide down otherwise Ethereum’s value could potentially fall below $1,341.44.
If that happens, then the trading price of ETH may start moving in the bearish zone. This would eventually pull the trading price of ETH to even lower trading levels.
The bulls may continue losing their power against the bears and this may pull ETH’s price to a low of $1,315.
Future Perspective for Crypto Market
Meanwhile, crypto markets should wait and see how speculations work in favor of the industry.
So far the past two weeks had been relatively good for the crypto economy in which the gains were bigger than the value declines.
Resultantly, in the past 14 days, the crypto economy has thrived instead of edging down. Otherwise, it has been going down since mid-November, 2021.