As we wrap up the week, here's a brief overview of the key technical developments in the crypto market.
7 Days Heatmap
After breaking below the $60,000 support, BTC witnessed a bearish week, closing with a -8.27% dip.
This bearish movement in BTC dragged the entire market along with it. ETH closed the week bearish as well, while a couple of OG altcoins stood strong, closing the week bullish.
BTC Analysis
BTC has broken below the $60,000 mark, signaling a shift in momentum from bullish to bearish.
As long as BTC continues to trade within the falling channel outlined in red, I expect further bearish movement towards the lower boundary of the channel and the demand zone around $50,000 - $52,000.
In parallel, for the bulls to regain control, a breakthrough above the upper red trendline and the $63,000 mark is required.
ETH Analysis
As anticipated in our previous analysis, ETH maintained an overall bearish trend and traded lower towards the lower boundary of the channel and the $2900 support level.
For the bulls to regain control and drive the price higher towards the upper boundary of the red channel, a break above the last major high highlighted in red at $3040 is required.
In parallel, if the $2750 support is breached downward, a long-term bearish movement towards $2500 would be anticipated.
Quote of the week
In crypto, everyday is not a green day, but true holders will later get paid.
~Olawale Daniel
Closing Remarks
In summary, BTC dipped by -8.27% after breaking below the $60,000 support, initiating a bearish trend that influenced the entire market. ETH similarly closed the week bearish, although some altcoins ended the week on a bullish note.
BTC is likely to continue its bearish trajectory within a falling channel, with potential support around $50,000 - $52,000, while ETH may see further decline towards $2,750 if key support levels are breached.
To reverse these trends, BTC needs to surpass $63,000, while ETH requires a breakthrough above $3,040 to regain bullish momentum.
