Bitcoin and Ethereum Show Strength as Major Players Accumulate and Market Sentiment Improves
Bitcoin and Ethereum Show Strength as Major Players Accumulate and Market Sentiment Improves
Both Bitcoin and Ethereum are demonstrating robust upward momentum in the crypto markets. Ethereum recently surged past $4,000, consolidating its gains and signaling potential for further increases towards the $4,500 mark, with strong underlying support levels. Concurrently, Bitcoin continues to benefit from significant institutional accumulation, notably by Michael Saylor's Strategy, which has steadily added to its holdings, now totaling over 640,000 BTC valued at approximately $72 billion. The broader market sentiment is also reportedly buoyed by easing geopolitical tensions, contributing to the positive price action across major cryptocurrencies.
Ethereum Gears Up for Higher Levels, Consolidates Above $4,000
Ethereum price initiated a significant rally above the $4,000 threshold, marking a fresh upward trajectory. ETH is currently consolidating its gains and appears poised for further advances, potentially targeting resistance levels beyond $4,220. The price is firmly trading above $4,080 and the 100-hourly Simple Moving Average, underpinned by a bullish trend line forming with support around $4,055 on the hourly chart of ETH/USD. After spiking above $4,200 and forming a high at $4,252, Ethereum is now consolidating, maintaining a positive short-term outlook. Key resistance levels are identified near $4,180, $4,200, and $4,250, with a clear break above the latter potentially propelling Ether towards $4,320, and even $4,480 or $4,500 in the near term. Conversely, failure to clear $4,200 could see support tested near $4,080 and $4,050.
Bitcoin Sees Continued Accumulation by Michael Saylor's Strategy Amid Positive Market Signals
Bitcoin experienced an uptick over the weekend, fueled by signs of de-escalating US-China trade tensions, which also benefited broader risk assets. Michael Saylor, founder of Strategy, signaled continued accumulation, with his company reportedly adding 387 BTC between October 13 and October 20. This brings their total holdings to an impressive 640,418 BTC, reflecting a consistent and deliberate purchasing strategy despite market volatility. Strategy's disclosed average cost for its Bitcoin stands at $74,010, and with BTC prices around $115,000, their stash is now valued at approximately $72 billion, implying a paper gain exceeding $25 billion. This accumulation strategy, characterized by repeated purchases and transparent reporting, has allowed investors to gain Bitcoin exposure through MSTR shares. Beyond individual firm actions, Bitcoin's market movements, alongside Ethereum's roughly 2.8% gain, were broadly influenced by geopolitical headlines, particularly the positive developments in US-China trade talks that helped calm investor nerves.