It has been almost three weeks since BTCUSD dropped below $60,000, and now it’s attacking the resistance again trading above $59,500 right now. We are going to have another super exciting weekend on the cryptocurrency markets as Ethereum has just hit $2,002 breaking its most significant resistance, and attacking all-time highs of $2,041 set in February.
The prices may go through the roof or bounce back heavily.
Bitcoin bulls managed to defend the $50,000 support on March 25, when BTCUSD hit the local low at $50,407 on PrimeBit. Since then we are witnessing consistent growth.
Central banks around the world are considering issuing digital currencies as the Chinese digital yuan project is gaining traction. Recently China’s central bank stated that the interest in the crypto yuan is driven by the soaring price of bitcoin. That’s an interesting statement from the People’s Bank of China since BTC is banned in the world’s second-largest economy.
Since October BTCUSD price has risen by 524%. Some analysts are predicting that this rally may be different than the previous ones.
The temporal slowdown may be good for the cryptocurrency prices in the long term, as institutional investors may be attracted by the relative stability.
As for litecoin it is still lagging behind the other major cryptocurrencies, which doesn’t mean LTCUSD is less attractive for margin traders. At the moment litecoin has just broken through the $200 limit and is trading around $205. Expect some major price swings over the weekend.