Bitcoin experienced a strong acceleration this Wednesday, April 8, climbing to $71,976, up 4.5% on the day. Ethereum followed suit, jumping to $2,242, up 6.3%. Over the week, BTC now shows a 5.5% gain, while ETH rises 6.1%. This bullish move surprised many traders who were expecting consolidation.
This rally is explained 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 was given. Total crypto market cap crossed $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 seems to have found solid support around $68,000 and could target $75,000 in the coming days if momentum holds. Ethereum, meanwhile, is testing the $2,250 resistance, a level that, if broken, could trigger a new wave of buying. Trading volumes exploded, with over $40 billion traded on major platforms. However, watch for profit-taking, as a quick correction is never ruled out after such a rally.
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