- Bitcoin’s coming weekly close will determine if Ethereum’s price reaches $370 or not
- Bitcoin’s push to $9,700 will bring the digital asset to a key resistance
- Ethereum has now rallied above the $300 area to 2020 high
Cryptocurrency News Today – on Saturday, July 25, the price of Bitcoin and the price of Ethereum rose higher. Both assets went up to milestones for the year with Bitcoin finally going above the $9,700 mark and Ethereum setting a new high for 2020 at $309. This latest weekend price surge for the top two digital assets comes as a surprise as weekends are usually noted for posting low trading volumes.
During weekends, some traders avoid the markets because of volatility which is usually a common feature on weeks and can sometimes accompany the weekly close. Aside from the technical structure of both assets, Ether’s climb to $309 could receive a sentiment boost following reports that the total value of money locked into DeFi platforms has reached $4 billion at press time today.
Ethereum’s Price Rallied by 30%
After a 30% rally earlier in the week, ETH will likely see a period of consolidation. Especially if the bulls renew their control or BTC rallies to a weekly close. There is a chance that the price of the digital asset could clear the $317 area. The absence of an overhead resistance area could see the bulls target ETH’s 2019 high of $367.
Meanwhile, Bitcoin has approached a key resistance area which aided Ethereum’s move to a new 2020 high point. BTC’s price pushed higher to trade at the $9,733 area. Traders are closely watching to see if the number one ranked digital asset can surge above $9,900. Such a move would place BTC’s price above its long-term descending pattern from 2017 ATH.
Bitcoin’s Price has Slightly Pulled Back from the $9,733 Daily High
The price of BTC will probably accelerate upward after breaking above the $10,100 high. At press time, the price of Bitcoin has slightly pulled back from the daily high and is now trading at $9,733. However, the daily chart indicates that the digital asset has continued to notch higher highs. The price of Bitcoin has remained above the 20-day MA (moving average).
As the price of Bitcoin and Ether continued to push higher, other altcoins have made significant moves too. Cardano has surprised investors after posting a strong move which saw it gain 21% to trade at $0.1457. Meanwhile, Binance Coin also rallied upwards by 5%. Litecoin followed alongside with a 12.88% gain to trade at $49.47. CoinMarketCap data shows that the overall crypto market cap has reached $294.6 billion and Bitcoin’s dominance index is now 60.5%. It has been a good weekend for digital assets.