Bitcoin News Today – Headlines for June 1

Bitcoin Trading
  • Traders believe the strength of Ethereum could give Bitcoin a push
  • Bitcoin could break past the $10k mark with the help of Ethereum
  • Bitcoin might follow Ethereum’s trend in the coming days

Bitcoin News Today – The second-largest digital currency by market cap, Ethereum (ETH), has been showing some strong bullish signs recently. The digital currency amassed enough traction and surged to the highs of $245 while the world’s largest digital currency and the majority of altcoins saw just a few gains.

This sharp upsurge has shown some stalling signs as the digital currency finds it hard to hold gains around the $240 area. However, analysts are pointing out that the major hurdle for the digital currency is currently around the $260 region. As such, the bulls need to break over that level to ignite further upward movements in the short-term.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$9,167.53
0.952%

Ethereum’s Momentum Could Push Bitcoin Past the $10k Hurdle

According to analysts, the current momentum of Ethereum – if it continues to grow stronger – could be able to push the price of Bitcoin (BTC) over the $10k hurdle points in the coming days and weeks. One trader said that if this happens, the break of BTC over the $10k mark could provide Ethereum with more bullish traction to surge higher.

Ethereum is currently changing hands at $237, and this is a considerable plunge from the highs of $245 it tested yesterday. The digital currency is showing some signs of heavy near term strength. However, it is important to note that the rejection at these highs might be pointing to an underlying weakness amongst buyers.

More downtrends could market these highs as local tops. Nevertheless, analysts are saying that chances are the price of Ethereum might surge higher in the coming days, whether Bitcoin surges higher or not.

Does Bitcoin Need Ethereum to Surge Higher?

An analyst recently pointed out that the uptrend of Ethereum could give Bitcoin the bullish momentum it needs to surge higher in the near term. In a tweet, he said:

ETH continues to hammer up, dragging BTC past a $10k breakout. That adds fuel to ETH until ETH has gone fully absurd.”

Ethereum has been at the forefront of the recent rally, and chances are this could happen. The digital currency started a sharp move yesterday while BTC was hovering around the $9,300 mark. A few minutes after the jump of Ethereum, Bitcoin did the same with a price increase to the highs of $9,700. This shows that the price action of Ethereum could have a significant influence on Bitcoin as well as the entire digital currency market.

Bitcoin is currently changing hands at $9,550 after a decrease of less than one percent over the past day. The immediate support for the digital currency is close to $9,500 while its major hurdle on the upside is close to $9,800.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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