Bitcoin and Ether Surge Above Resistance Levels as Bulls Maintain Control

Institutional Traders Hold Majority of Assets in Bitcoin, Ether, and Stablecoins

Institutional traders have shown a strong preference for Bitcoin, Ether, and stablecoins, according to a report by cryptocurrency exchange Bybit. The report reveals that institutional investors currently hold 35% of their assets in Bitcoin, 15% in Ether, and a significant 45% in stablecoins. This data suggests that there is still significant buying power among institutional investors, as they can easily convert stablecoins into their preferred cryptocurrencies.

Research Head Predicts Bitcoin to Reach $60,000 by April

Markus Thielen, the research head at Matrixport, predicts that Bitcoin will reach $60,000 by April and $125,000 by the end of 2024. Thielen notes that previous crypto bear markets have been followed by three-year bull cycles, and he expects the current market to be no different. If Thielen's predictions hold true, Bitcoin could see significant price growth in the coming years.

Bulls Hold Strong as Bitcoin and Altcoins Surge

Bitcoin and select altcoins continue to see strong gains as bulls maintain control. The recent surge in Bitcoin has pushed the price into overbought territory, indicating a possible consolidation or minor correction. However, the lack of major resistance levels suggests that the price could continue to rise, with the next target objective being $48,000. Similarly, Ether has broken above a key resistance level, completing a bullish ascending triangle pattern. The pattern target for Ether is $3,400, but the bears may attempt to restrict the rally at $2,500 and $3,000.

Technical Analysis of S&P 500 Index, U.S. Dollar Index, and Other Cryptocurrencies

The article also provides technical analysis for the S&P 500 Index, U.S. Dollar Index, and several cryptocurrencies including BNB, XRP, Solana, Cardano, Dogecoin, and Chainlink. The analysis examines key support and resistance levels for each asset, providing insights into potential price movements in the near term.

Disclaimer

This article does not contain investment advice or recommendations. Readers are advised to conduct their own research and exercise caution when making investment decisions, as every investment and trading move involves risk.