On Sunday, the leading cryptocurrency Bitcoin hit $25K, its highest level since June 13. It has now risen five days in a row, fueled by US consumer-price index data that came in lower than expected. Ether is currently trading at close to $2K, having reached the mark on Saturday for the first time since May 31 in anticipation of the successful completion of its blockchain’s eagerly awaited software upgrade known as the Merge.
Cointelegraph analysis on Bitcoin sharp rise!
Cointelegraph Markets Pro and TradingView data showed a sharp rise in BTC/USD, which reached $25,050 on Bitstamp in a $350 hourly candle. The pair went a new personal best since June 13, erasing more of the losses seen that day in what remains a significant BTC price correction.
However, when analyzing the market setup, familiar bearish tones remained.
The latest highs appeared to be the final piece of the puzzle before a new downtrend for the popular Twitter account Il Capo of Crypto. Il Capo predicted a peak of $25,000-$25,500 before Bitcoin reversed course and began to fall.
Ethereum has surged to the highest value in the last four months.
Ethereum has experienced a minor setback after breaking the critical $2,000 barrier, but it is still trading in the green during today’s trading session. The cryptocurrency is leading the current crypto market recovery and expects to rise further.
Ethereum (ETH) is currently trading at $1,924, representing a 6% and 15% profit over the last 24 hours and seven days, respectively. Only Solana (SOL) and Cardano (ADA) come close to ETH’s price gains, with profits in the double digits over the same period.
Other macroeconomic events in the coming weeks may harm market participants’ perceptions of the Fed. QCP Capital, on the other hand, believes the market will “remain supported regardless.”
The bullish narrative for Ethereum is doubled because a tentative date for the mainnet implementation of “The Merge,” the event that will complete ETH’s transition to a Proof-of-Stake (PoS) consensus, has been set. The event is scheduled to take place between September 15 and September 16.