Key Findings: BTC Technical Analysis
- Bitcoin price failed to sustain above the crucial support at $60K following a solid bearish move last week.
- The price level at $56,881 is offering support against the current downside rally.
- BTC might retest the support at $52,980 if the price fails to exceed the resistance at $60,880.
Bitcoin Technical Analysis – BTC/USD Daily Chart
On the daily charts, Bitcoin fell below critical technical support of $60K. Previously, this level provided significant support, and its breach could pave the door for further losses.
The RSI is currently at 33.26, indicating that the market has entered the oversold zone. Normally, this would imply a rebound or at least “stabilization,” but given the increasing fear in the market, it may take some time before this index moves back up.
Immediate support is at $56,881, with a firmer base at $52,980, which should be sustained even if additional pressure is applied.
If these price levels fail to hold, downward movement may extend to $ 48K, while recovery efforts will encounter barriers at $ 56K and above at $58K.
Key Findings: ETH Technical Analysis
- Ethereum plotted a bearish breakout of a Symmetrical triangle on the daily price chart.
- The price might retest the immediate resistance at $3,296 and rejoin the bearish rally targeting $2,700.
- The current bearish sentiment will remain valid until the price manages to exceed the critical resistance at $3,506.
Ethereum Technical Analysis – ETH/USD Daily Chart
With ETH being below the crucial $3,296 support level, the market is suddenly more pessimistic. With this action, ETH has completely counterbalanced the inefficiencies in the market caused by its price surge in response to the SEC’s reversal of spot ETH ETFs.
According to the RSI value of 30.61, Ethereum enters a solid bearish trend condition. However, the price is already in the oversold zone so there is a possibility of a potential pullback near the immediate resistance at $3,296.
ETH/USD is now testing the crucial support at $3,024 which appears as a deciding level for the upcoming weekly movement. The bearish momentum will slow down if this level is bounced off. If it declines, though, ETH might look for support at the $2,700 price mark.
