BTC/USD is trading at $54319.8, 0.08% down since Wednesday. The selling pressure continued to be build-up in Bitcoin due to mixed global sentiments. On Sunday, the China’s Xinjiang region for Bitcoin mining & operations have suffered an electrical grid blackout due to coal mine explosion which led the BTC/USD to plunge till $50K. This sell-off seems to be prolonging further. On global front, the worsening Covid-19 situation across the world makes the riskier assets like Gold more expensive & digital assets less attractive. As seen in the chart, the BTC/USD is still trading below the bullish trend-line & hence, further selling may be recommended on daily basis in BTC/USD.

ETH/USD is trading at $2477.55, 0.39% up since previous close. A strong upside can be seen in Ethereum as compared to other Altcoins with a heavy trading volume & hence, huge volatility may be seen in ETH/USD. Earlier in a week, the ETH/USD slid down to $2000 levels amid power outage in Chinese Bitcoin mining region. Last week, the Ethereum formed record high levels of $2500 with high trading volumes & volatility due to falling U.S bond yields & firmer USD. The worsening Covid situation in major countries pushes up riskier assets & digital assets as well. As seen in the chart, the ETH/USD took the support of multiple Fibo levels & hence, buying on every dips may be recommended further.