s we wrap up the week, here's a brief overview of the key technical developments in the crypto market.
7 Days Heatmap
After rejecting the $60,000 support, BTC surged by 12% but ultimately ended the week bearish, down by -7.29%.
This choppy movement had a mixed impact on the entire market, resulting in a combination of red and green signals on the heatmap.
BTC Analysis
As per our previous analysis, BTC rejected the $60,000 - $62,000 support zone and traded higher.
The bulls have already taken control in the short term after breaking above the blue channel and the last major high at $65,000.
For the bulls to maintain control and initiate the next bullish impulse movement, a breakout above the $70,000 resistance level is required.
Meanwhile, as BTC retests the $62,000 support, we will be looking for new short-term buy setups.
ETH Analysis
After slipping below the $3500 round number, ETH experienced a 10% decline.
Currently, ETH is retesting the $3500 - $3600 resistance zone.
For the bulls to take over again and shift the momentum from bearish to bullish, a breakout above $3600 is needed.
Meanwhile, ETH can still reject the resistance and trade lower.
Quote of the week
Don’t worry about what the markets are going to do, worry about what you are going to do in response to the markets.
~Michael Carr
Closing Remarks
In summary, the crypto market saw notable volatility last week.
BTC surged by 12% but ended bearish by -7.29%, with mixed signals on the heatmap. BTC's short-term outlook favors bulls if it breaks $70,000.
ETH slipped below $3500, dropping by 10%, and is currently testing the $3500 - $3600 resistance. A breakout above $3600 could signal a shift in momentum towards bullish.
