HomeTradingBitcoin over $60,000, here are the levels to monitor

Bitcoin over $60,000, here are the levels to monitor

A strong start for the month of April: Bitcoin climbs above $60,000. What’s more, it’s the second consecutive day on the rise, which when added to the trend of the last few days of March makes eight consecutive days on the rise for Bitcoin

To find a similar series or higher, we have to go back to the summer of 2019, a crucial moment for the entire sector, which also sets records for its capitalization, which is now close to $2 trillion. 

In 30 days, the capitalization of the entire sector has doubled from 1,000 to 2,000 billion dollars. This is thanks to Bitcoin, which in these hours has surprisingly returned above $60,000 for many, but despite this exploit, its dominance falls below 58%, the lowest level in the last 10 months. 

Despite Bitcoin’s excellent form, altcoins are benefiting from the moment of strength led by Ethereum, which in recent hours has exceeded $2,000, preparing for an attack on the all-time highs surpassed on February 20th when Ethereum first reached $2,035.

Binance Coin (BNB) was the best of the day as it updated its all-time highs, climbing a few cents above $357, taking third place in terms of capitalization behind Ethereum and leaving Cardano (ADA) in fourth place by over $15 billion.

EOS is doing better, rising around 20% today from yesterday’s levels and pushing itself to within a hair’s breadth of $6, its highest level since June 2019. EOS moves up the overall ranking to 24th position.

The TVL of DeFi is back to within a step of all-time highs, rising above $45.5 billion in these hours. Ethereum continues to grow, rising to 9.7 ETH, just a few thousand from the all-time highs recorded in mid-September 2020. In contrast, the outflow of tokenized Bitcoin continues. 

Bitcoin (BTC) tests the $60,000 mark

The rise of the last few hours brings the price of Bitcoin back to test the $60,000 mark for the third time in the last 15 days. 

In the coming Easter holidays, it is necessary for the price of Bitcoin to consolidate the short-term support of $56,000. If it sinks below this level, the first dynamic support to follow is $55,000. 

On the upside, however, a confirmation above $60,000 would project prices to revisit the highs of March 13th, $61,700. 

Ethereum (ETH) above $2,000

After struggling with the price not replicating Bitcoin’s performance in March, in the last few hours Ethereum has put the turbo back and climbed back above $2,000

Ethereum now needs to confirm the break of $1,900, former resistance which coincides with the relative highs of mid-March. The bullish structure of Ethereum in the medium term continues to remain solid. Only a slide below 1,650 dollars would nullify the good rise of the last week that sees the price gain about 30%. 

Federico Izzi
Federico Izzi
Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".