The global crypto market is seeing a much-needed positive change but Bitcoin remains sluggish. The popular cryptocurrency is trading at $17,330, up by 1.75% in the last 24 hours. It’s struggling to make a run to the $17,500 mark despite a lack of resistance to the upside. The broader market and investors expect BTC to possibly test $20,000 for a sustained recovery.
Joe DiPasquale, CEO of BitBull Capital, believes the market responded positively to U.S. Federal Reserve chairman Jerome Powell’s speech. However, he said Bitcoin has to consolidate above $17,000 and possibly test $20,000 before they expect a sustained recovery. DiPasquale pointed out $16,000 as a key support. If BTC loses this, it will trend lower.
As for Ethereum, it was holding at $1,296 having gained nearly 3% in the last 24 hours. Ether has definitely outperformed BTC over the previous 10 days. It surged 15.4% versus Bitcoin’s 7.7% rise. Glenn Williams, the crypto market analyst, said the crossover of the ETH/BTC 10-day moving average above the 100-day moving average is a bullish sign. He highlighted that the recent sample size is still too small to come to a conclusion.
Analysts pointed out $17,622 as a major hurdle for buyers on the upside. But if bulls catapult the price above this, it could likely indicate that the downtrend is over. Then there is no stopping for the much favored digital asset to race to the psychological level of $20,000. But then, this level could act as a resistance, and if crossed successfully, Bitcoin can easily make it to $21,500.