Bitcoin experienced a strong acceleration this Wednesday, April 8, climbing to $71,976, a 4.5% increase on the day. Ethereum followed suit, jumping to $2,242, up 6.3%. Over the week, BTC now shows a gain of 5.5%, while ETH rises 6.1%. This bullish move surprised many traders who were expecting consolidation.
This rally is driven by several factors. On one hand, traditional markets rebounded after two days of decline, with the S&P 500 up 1.2% at the open. On the other hand, rumors of massive BTC purchases by institutional funds circulated on social media, though no official confirmation has been given. The total cryptocurrency market capitalization surpassed $2.5 trillion, a high since early March. Ethereum also benefits from the enthusiasm, with strong activity on DeFi platforms.
For investors, this day is a strong signal. Bitcoin appears to have found solid support around $68,000 and could target $75,000 in the coming days if momentum holds. Ethereum, meanwhile, is testing resistance at $2,250, a level that, if breached, could trigger a new wave of buying. Trading volumes have surged, with over $40 billion exchanged on major platforms. However, caution is warranted regarding profit-taking, as a quick correction is never ruled out after such a rally.
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