Crypto Quick Look: BTC Touches $42,000, ETH Notches 10-Day Peak

Christian Encila

3 years ago

2 mins read

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The crypto market was mostly in the green territory on Thursday, with Bitcoin recovering all of the previous day’s losses and even surged to a 10-day high beyond the $42,000 level.

Bitcoin was trading at $42,484.88, up 3% in the last seven days, data from Coingecko show.

Ethereum followed suit with a similar local high, but the majority of the crypto market remained in the green on a daily basis.

Following yesterday’s bounce, bulls continued to push prices higher. BTC surpassed the $42K mark after breaking over a critical resistance point, while ETH also surpassed its own $3,150 ceiling after temporarily dropping below $3K earlier in the week.

Bitcoin has recaptured the critical $42K milestone following a week in which the price fell as low as $38,000. This robust performance and the steady price advances signal the possibility of a new bull run in the coming days.

Robust Performance For Bitcoin

The cryptocurrency achieved another minor milestone in the last 24 hours, surpassing the January 2021 all-time high of $42,000 for the first time since April 11. As of this writing, it is slightly below that threshold, with a market valuation approaching $800 billion.

If Bitcoin’s momentum finally reverses, market analysts may begin to see an influx of bulls, perhaps pushing price towards the impending resistance level of $42,700.

Crypto total market cap at $1.92 trillion on the daily chart | Source: TradingView.com

Anticipation Grows For ETH Upgrade

The price of Ethereum has been unusually volatile in recent weeks as anticipation grows for the cryptocurrency’s huge software upgrade.

Investors and developers have coined the term “the Merge,” and it is expected to occur in the next months.

Tim Beiko, an Ethereum engineer, tweeted on April 11 that “the Merge” will not take place in June as previously projected.

Bitcoin’s massive increase is the result of large crypto traders accumulating more of the cryptocurrency at a discounted pricing.

Additionally, significant liquidations in the futures market, notably in long positions, have pushed Bitcoin’s price above $41,500.

On the other hand, this massive liquidation implies that a major portion of the trading community has lost interest in the world’s largest cryptocurrency.

Meanwhile, economists anticipate Bitcoin will approach $45,000 if buyers overcome initial resistance at the $42,000 peak. Once the $45,000 overhead obstacle is overcome, a rally to the $48,000 overhead resistance is achievable.

Featured image from Barron’s, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.