This week—or rather, this entire month—has been a storm. I’m glad February is coming to an end, as March is usually a bullish month… or is it? Let’s find out together.
7 Days Heatmap
The crypto heatmap is completely red, with deep shades resembling the metaphor of blood in the streets. BTC is down by approximately 20%, while ETH has dropped by over 22%, signaling a broader market meltdown.
BTC Analysis
After breaking below the $86,500 structure we mentioned in our last market outlook, BTC’s momentum has shifted from bullish to bearish.
As long as the bears remain in control, the next support zone lies between $70,000 and $75,000.
Meanwhile, further downside pressure is expected.
ETH Analysis
ETH also broke below the $2,500 support level mentioned in our last roundup article.
Currently, ETH is approaching the lower bound of its falling channel and the $2,000 psychological level.
As long as the $2,000 support holds, the bulls still have an opportunity to step in from here.
If $2,000 breaks to the downside, further losses could be expected, with the next key support zone around $1,500.
Quote of the week
Buy when there’s blood in the streets, even if the blood is your own.
~ Baron Rothschild.
Closing Remarks
In summary, This week has been marked by intense volatility, with the crypto market experiencing a significant downturn. BTC and ETH have plunged 20% and 22%, respectively, painting the heatmap deep red.
BTC’s break below $86,500 has shifted momentum to bearish, with the next key support in the $70,000 – $75,000 zone. Further downside remains a possibility.
ETH has also broken below $2,500, now testing the $2,000 psychological level. If this level holds, bulls may regain strength; otherwise, the next major support lies at $1,500.
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