Bitcoin (BTC) and Ethereum (ETH) have gained momentum today, but the bulls need to ensure that these two will trade above $8,000 and $250, respectively.
BTC/USD
After dipping to $7,502.26 earlier today, Bitcoin (BTC) inched its way up before settling on the $7,800 mark. The BTC/USD pair regained momentum after a few hours to trade near $8,000. At the time of writing, BTC/USD trades at $7,985.61 which is up by 1.83 percent from the previous 24 hours.
According to FX Street:
“Bitcoin has touched lows of $7,761.80 on Friday but the correction to intraday high of $8,039.19 has lost steam with the price retracing to levels slightly above $8,000. The bulls need to sustain Bitcoin above $8,000 level to ensure that it is out danger for losses towards key support at $7,500.”
Analysts expect Bitcoin to break through the $8,000 mark, achieving which will bring the first cryptocurrency back on its track toward $9,000.
ETH/USD
Ethereum (ETH) slipped below $240 today and reached $236.65 before gradually working its way up the chart. The ETH/USD pair successfully broke past the $245 mark and continues to trade within the $245-$250 range amid the bearish market trend. ETH/USD trades at $248.86 at the time of writing and registers a 1.33-percent 24-hour change.
According to FX Street:
“However, due to the sellers’ influence, ETH/USD has corrected to the current value at $249. A correction above $250 is needed in order for the bulls to focus on levels towards $260 and $270 for the coming weekend sessions.”
Ethereum’s crossing the $250 mark will be a good indication that the cryptocurrency may push on further and eventually crossing $270.
| RELATED: BTC/USD Maintains $8,000 Mark, ETH/USD Gains Strength
Source: FX Street
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