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Bitcoin Struggles to Breach $60K Mark & Steady Momentum in Ethereum

By Research Team Wednesday, Mar 31, 2021
BTC/USD

    • 3.50pm ISTD1
    • High59804
    • Low56843
    • Close57635

BTC/USD is trading at $58047.8, 0.19% up since previous day close. The Bitcoin reaches $60000 market after few U.S conglomerates started accepting Bitcoin as a term of payment following the Tesla’s move. This poured in the liquidity in highly traded crypto-currency & hence, the pair BTC/USD tested fresh high levels. Besides this, the U.S Fed’s plan of launching new Central Bank Digital Currency (CBDC) remains positive factor for BTC on long run basis. Uncertain equity markets & tumbling Gold prices forces investors to switch over the funds into digital assets. As seen in the chart, the BTC/USD is consecutively trading above the bullish trend-line pattern & hence, buying on dips may be recommended for the day.

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CryptoCurrency

BTC/USD

Intra Day
Near Day

Technical Levels

R3 63117
R2 60754
R1 59750
Turnaround 58391
S1 57387
S2 56028
S3 53665
By Research Team Wednesday, Mar 31, 2021
ETH/USD

    • 4.05pm ISTD1
    • High1863.9
    • Low1771.52
    • Close1793.6

ETH/USD is trading at $1804.55, 0.03% down since previous close. The Ethereum seems to be forming a consolidation phase above $1800 levels as traders & investors remain cautious amid uncertain market conditions. The rising U.S bond yields & strong USD raises the inflation concern; how-so-ever it increases the demand of digital assets. The market will be looking forward the result of U.S ADP & NFP data in this week. As seen in the chart, the ETH/USD is trading between the converging trend-lines which strongly indicates a breakout on either side if breaches the lines. On higher side, the $1860-$1880 levels can be seen whereas the $1760-$1740 levels on lower side can be expected.

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CryptoCurrency

ETH/USD

Intra Day
Near Day

Technical Levels

R3 1976.6
R2 1903.9
R1 1874.31
Turnaround 1830.38
S1 1801.2
S2 1757.27
S3 1684.15
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