The White House Crypto Summit is happening today, and the market is slowly recovering. Do the whales know something we don’t? Let’s explore the possible scenarios together.
7 Days Heatmap
BTC dominance is rising and standing strong, while almost all altcoins, except U.S.-based tokens, are struggling. Is the altcoin season delayed, or is this just a massive accumulation phase in the making?
BTC Analysis
As per our last BTC analysis, it remains overall bearish in the medium term, trading within the falling wedge pattern marked in orange.
For the bulls to shift the momentum in their favor, a break above the $95,000 structure is required.
Meanwhile, BTC would remain bearish, especially if the red channel’s support is broken to the downside.
ETH Analysis
ETH is still hovering around a massive support zone of $2,000–$2,100, as mentioned in many previous market outlooks.
As long as the $2,000 support level holds, the bulls will have the upper hand.
As the bulls take over, the next resistance will be at the intersection of the upper red trendline and the $2,500 resistance level.
Quote of the week
Don’t test the depth of the river with both your feet while taking the risk.
~ Warren Buffett
Closing Remarks
In summary, the market is gradually recovering as the White House Crypto Summit unfolds, raising speculation about insider movements.
BTC is still in a medium-term bearish trend within a falling wedge pattern, with a potential shift in momentum if it breaks above $95,000. However, a breakdown of the red channel’s support could extend the bearish outlook.
ETH, on the other hand, is holding above a key support zone of $2,000–$2,100. If this level holds, bulls could gain control, with the next resistance target set at $2,500, where it intersects with the upper red trendline.
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