Bitcoin Price Hits $70k After Consolidation, Ethereum And Solana Prices Surge 1.55% & 2.2%, Respectively

Bitcoin Price Hits $70k After Consolidation, Ethereum And Solana Prices Surge 1.55% & 2.2%, Respectively

Bitcoin price has finally started to gain momentum after days of consolidation. On Monday afternoon, the leading crypto asset is up 3.24%. This propelled the BTC market cap to $1.36 billion. Ethereum and Solana prices are also enjoying notable upticks. Both digital assets are up 1.55% and 2.2%, respectively.

The bullish price action in cryptocurrencies is backed by positive sentiment in the equity markets. The benchmark indices like S&P 500 and Nasdaq 100 trade at record levels. This suggests that investor confidence in high-risk assets is increasing. Nevertheless, Bitcoin and Ethereum prices are still trading 4.6% and 3.5% below their yearly highs, respectively.

Solana Price Rises After A Sharp Decline

After a sharp rejection from the May high of $189.5, Solana price had a sharp correction. The subsequent selling pressure pushed SOL to its $162 support from where the price had a strong rebound. At press time, the digital asset is trading at $165.6 and retesting the previous range lows.

Technical analysis shows that a clear break of 166.5 resistance would flip Solana bullish on the lower timeframe, which could give it enough momentum to target $180 again. This level is in the middle of the current trading range and may act as resistance. A break of this resistance might propel the price beyond $200.

Ethereum Price Heads Toward $4,000

Following the BTC’s footsteps, ETH is also gaining momentum. On Monday, the pioneering smart contract asset rose above $3,800. However, it continues to face resistance from this level, which needs to be overcome before it can break the $4,000 barrier.

Bitcoin Price Prediction & Technical Analysis

The following chart depicts a strong bounce in BTC/USD from the $66,700 support. The most valuable digital asset is currently struggling to break above the $70,000 threshold. A clear breakout could give bulls enough confidence to target a new all-time high beyond $74,000. In case of a pullback, the $66,700 must be watched carefully.

Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.

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