Bitcoin hits $45,000 for the first time in weeks

Bitcoin and Ethereum prices inched higher at the end of last week and over the weekend, with both BTC and ETH crossing key resistance levels. Bitcoin crossed the $40,000 mark and climbed even higher early on Tuesday, reaching $45,000 for the first time in weeks. BTC price retreated slightly later in the day though and is currently testing the $44,300 level resistance. If its price declines, it may find support at $36,000 and further down at $33,000, while if the price of Bitcoin goes up, it may find resistance near $51,900. 

Ethereum rose to the $3,000 key level and continued trading just above this level during the weekend, testing its resistance. On Monday, it broke through the resistance level, trading upwards, to $3,180. ETH continued climbing on Tuesday, reaching $3,220, but later dropped to $3,100. If its price goes down, it may find support at $2,640 and further support around $2,150. In case its price goes up, it may find resistance around $3,400. 

Cryptos have been under pressure since the beginning of the year, with Bitcoin losing over 20% of its value, hit by a bout of risk-aversion. The bulls have attempted several times to reverse the downtrend, with little success so far. The recent volatility in stock markets, and especially the fall of tech-stocks has been affecting crypto markets, which seem to have developed a strong dependency on stock market trends. 

Geopolitical tensions contribute towards keeping cryptocurrency prices down, as risk-appetite decreases and investors turn to safe-haven assets. In addition, the hawkish shift in the fiscal policy of most major Central banks puts pressure on cryptocurrencies. Regulatory concerns are also keeping the price of cryptos down, as many countries around the world such as the US, Italy, Spain, and the UK are launching a crackdown on cryptocurrencies and proposing restrictions on mining and advertising.

BTC/USD 1h Chart

ETH/USD 1h Chart

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Written by:
Myrsini Giannouli

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