It seems like cryptocurrencies have resumed the larger bullish trend again, after hesitating to do so, following the crash in May which lasted until the middle of July. The price action also confirms the bullish momentum in the crypto market, since most of the large cryptocurrencies are all pushing higher.

Cryptos made an important break today, with Bitcoin breaking above the 3-month range between $29,000 and $42,500. It also broke above the 200 SMA (purple) on the daily chart, which had been also providing resistance during retraces higher and kept BTC/USD down for more than 2 months.

Bitcoin Live Chart

Ethereum also broke above the resistance zone which stretches from $2,900 to $3,000. ETH/USD has been making three consecutive bullish weekly candlesticks which suggest strong bullish momentum. Now, Ethereum is heading for the previous highs, which don’t seem too far away if the bullish momentum continues like this in the coming weeks.

The war about the crypto market is continuing, but the crypto market is not minding it much anyumore, indicating that the side against cryptos won’t have much success probably. The banking establishment trying to kill this new market off, while the other side is trying to increase the use of cryptocurrencies. The crypto market crashed in May, after China started a crackdown on cryptocurrencies and particularly on Bitcoin mining.

Ethereum pushed above the $3,000 resistance this week

Other countries have also taken action against the crypto market, banning crypto exchanges such as Binance and making it difficult for business to continue as usual. In the US, the White House is looking to increase tax compliance for cryptocurrency brokers, which they are justifying as a means to help pay for the infrastructure bill. The deal came under intense criticism from cryptocurrency investors, who have argued it would give the Biden administration increase powers to virtually cripple the growing crypto market.

Ethereum Live Chart