Bitcoin and Ethereum Hits a New High
- Bitcoin tested the $ 30,000 support zone once again this morning.
- Ethereum tested the support zone again at $ 2,280 this morning.
- The bitcoin market was highly volatile and was prone to downturns that left many traders and investors in a panic.
Bitcoin chart analysis
Bitcoin tested the $ 30,000 support zone once again this morning. Since then, we have seen a new bullish impulse that has raised the price to $ 32,000. We are now again in the consolidation phase, and we are following the signs about the potential determination of the short-term trend. For the bullish option, we need a concrete break above $ 32,670. If Bitcoin succeeds, our next target is a zone of around 35,000 dollars, then 36,000 dollars. For the bearish option, we need a new pullback and a new test of the May support zone at $ 30,000. If the bearish pressure intensifies, we will probably see a further price retreat towards $ 29,000, then $ 28,000. The price is in the daily range of 30,000-32,000 dollars.
Ethereum chart analysis
Ethereum tested the support zone again at $ 2,280 this morning. After that, we start a new bullish impulse and the price breaks above the $ 2,400 level. We also managed to break through the falling channel, and now we need a further break above $ 2,500. Such a move would increase optimism in the continuation of the price recovery. Our next resistance targets are $ 2550-2570, then $ 2670-2700. We need a new negative consolidation and return to the falling channel for the bearish option. We are asking for support again at the $ 2,280 level, then the $ 2,200 price tag. If they don’t support us, we can expect a new lower low at $ 2,100, and maybe the $ 2,000 price.
Market overview
Tesla and MicroStrategy
The bitcoin market was highly volatile and was prone to downturns that left many traders and investors in a panic.
Companies like Tesla and MicroStrategy are experiencing the same dilemma with their bitcoins suffering from tragic crashes. MicroStrategy and Tesla together have over 177,000 bitcoins, or 129,218 and 48,000 BTC. The price has been declining since the beginning of 2021, It has recorded a big drop of 27% in the last three months. The downward trend in this price action has become a huge sore point for traders and the main owners of BTC.
The 24-hour trading volume increased by 84%, or as much as $ 83.3 billion, which is about a $ 12 billion loss from BTC holdings of other giant institutions.
Coinbase revenue declined in the first quarter
The cryptocurrency exchange Coinbase reported a 35% drop in revenue in the first quarter as volatile market conditions and lower crypto asset prices directly affected its results. This quarter’s total revenue fell to $ 1.17 billion from $ 1.80 billion in the same quarter last year.
The company said Tuesday that the trading volume in the first quarter fell to $ 309 billion from $ 547 in the last quarter. Monthly users of transactions in the three months amounted to 9.2 million compared to 11.4 million in the last quarter, a decrease of 2.2 million or 19%.
