Crypto Market Roundup - 24th Of May 2024

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 $72,000 resistance level, BTC experienced a bearish week, closing with a 2.78% dip.

This bearish movement in BTC resulted in mixed sentiments across altcoins. However, ETH surged by over 27% prior to the spot ETH ETF approval.

7 days crypto heatmap showing a mixture of bullish and bearish sentiment with BTC down by -2.78% and ETH up by +27.73%. — *Crypto Heatmap 7-Days*

BTC Analysis

‍As anticipated in our previous outlook, BTC rejected the $72,000 resistance level and broke below the last major low, marked in red, at $68,900.

As long as the bears maintain control, a movement towards the lower bound of the channel, marked in orange, and the $65,500 level is anticipated.

BTC 4h chart overall bullish trading within a big channel and it is currently in a correction phase approaching the $65,500 structure. — *BTC Chart - 4H Timeframe*

Meanwhile, as BTC retests the previous major low at $68,900, a bearish continuation is expected.

‍ETH Analysis

‍After rejecting the $2,900 support level, ETH surged by over 35% prior to the ETH spot ETF approval.

Currently, ETH is hovering between the $3,500 support and $4,100 resistance levels. As it approaches the $3,500 support zone, we will be looking for trend-following buy setups on lower timeframes.

ETH daily chart hovering within a range between the $3,500 support and $4,100 resistance. — *ETH Chart - Daily Timeframe*

For the bulls to maintain control from a long-term perspective and push towards $4,700, a break above the $4,100 resistance level is needed.

‍Quote of the week

‍It is not the strongest or the most intelligent who will survive but those who can best manage change.
~ Charles Darwin

‍Closing Remarks

‍In summary, BTC rejected the $72,000 resistance level and experienced a -2.78% dip.

This bearish momentum extended to several altcoins, although ETH surged by over 27% prior to the spot ETH ETF approval.

BTC's downward trend is anticipated as long as the bears maintain control, with potential movement towards the lower bound of the channel and the $65,500 mark.

Meanwhile, ETH remained within a range around the $3,500 - $4,100 support and resistance levels, with expectations of a continued upward movement if the $3,500 support zone holds.

To initiate a long-term bullish trend, a break above the last major high at $4,100 is required.