Active Cryptocurrencies: 2116 | Active Exchanges: 234 | Total MarketCap $120,383,351,083.57 | BTC Dominance: 52.33% | ETH Dominance: 10.31%

BTC/USD Maintains $8,000 Mark, ETH/USD Gains Strength

Both Bitcoin (BTC) and Ethereum (ETH) dropped on Thursday, but the top two cryptocurrencies with the largest market cap show signs of recovery.


Bitcoin (BTC) has seen wild movements since Monday, May 27, when it started trading above the $8,500 mark.

The BTC/USD pair made an even wilder move Thursday by closing in on the $9,000 level then quickly dropping the next day. The sharp fall saw the pair plunging to the $8,100 level, which currently settles between the $8,200-$8,300 range.

Bitcoin (BTC) Chart - May 31

According to FXStreet:

“On the upside, the recovery is capped by 8,300 strengthened by SMA200 (Simple Moving Average) on 1-hour chart). We will need to see a sustainable move above this handle will open up the way towards the next bullish aim of $8,500 with the middle line of 1-hour Bollinger Band locate don approach.”

BTC USD Chart May 31

With the current state of Bitcoin — failing to correct above the resistance at $8,800 — the week will not likely end with the cryptocurrency trading above $9,000.


Ethereum (ETH) struggled earlier as it suffered from the bearish pressure. The second largest cryptocurrency (market cap: $27.1 billion) crashed to the $240 territory from this week’s peak close to $290 on Thursday.

But the ETH/USD pair managed to recover after as it trades between the $250-$260 range at the time of writing.

ETH USD Chart May 31

According to FXStreet:

“On the upside, we will need to regain $250 handle to see a sustainable above $270 and get a chance to retest the recent high of $288. The mentioned resistance area is created by a confluence of technical indicators, including the middle line of 1-hour Bollinger Band, and a host of SMA (Simple Moving Averages).”

ETH USD Chart May 31

Ethereum, however, appears to be gaining strength to trade above $280 again.

| RELATED: BTC/USD Recovers But Sends Mixed Signals

Source: FXStreet

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