Bitcoin Price Surges to $87,400: Has BTC Already Peaked in 2024? Ethereum Rally Faces Key Test

The cryptocurrency market showed renewed bullish momentum this week as Bitcoin (BTC) and Ethereum (ETH) prices rebounded sharply. Bitcoin surged 3.2% to 87,400,whileEthereumclimbed3.787,400,whileEthereumclimbed3.72,080, sparking speculation about whether the rally marks a sustained recovery or a temporary bounce in a broader bearish trend.

Bitcoin Builds Base for Recovery
Analysts observed Bitcoin trading at its highest level in over two weeks, signaling potential stabilization after weeks of downward pressure. David Morrison, Senior Market Analyst at Trade Nation, noted, “Bitcoin has consolidated and built a base to push higher. The daily MACD, while still negative, suggests upside momentum could continue.”

However, Bitcoin remains 4% lower month-on-month, reflecting lingering market uncertainty. Ethereum faces even steeper monthly losses (-17.2%), despite reclaiming the psychologically critical $2,000 level.

Ethereum’s Make-or-Break Resistance
Morrison highlighted Ethereum’s next critical test: “The $2,200 resistance level will determine if this ETH rebound has legs.” A breakout above this threshold could signal renewed bullish sentiment, but failure may trigger profit-taking.

Key Technical Indicators to Watch

• MACD Momentum: Both BTC and ETH show improving momentum but remain in negative territory.
• Resistance Levels: Bitcoin faces overhead resistance near 90,000,whileEthereumbattles90,000,whileEthereumbattles2,200.
• Volume Trends: Sustained buying volume is needed to validate the rally.

Market Outlook: Peak or Pause?
While the short-term bounce is encouraging, analysts caution that macroeconomic factors—including Federal Reserve rate decisions and regulatory developments—could dampen crypto’s 2024 upside. Bitcoin’s failure to retest its March 2024 all-time high of $94,000 raises questions about whether the asset has already peaked this year.